9 search results for "kyc"

Policy Update: RBI introduces a new type of PPI

Context On 5 December, the Reserve Bank of India (RBI) announced a slew of sops for fintech companies.  These include, re-introduction of minimum KYC (know-your-customer) PPIs (prepaid payment instruments), revision of P2P (peer-to-peer) lending limits and issuance of on-tap licenses for small finance banks. This is a part of various developmental and regulatory policy measures for strengthening r...

Fintech Update: SEBI’s circular on Aadhaar based e-KYC

Context On 5 November, the Securities and Exchange Board of India (SEBI) issued a circular on use of e-KYC Authentication facility under section 11A of the Prevention of Money Laundering Act, 2002 by entities in the securities market for resident investors. The circular highlights the process by which SEBI registered intermediaries may also be registered with the Unique Identification Authority of...

NASSCOM’s feedback on RBI’s ‘Discussion Paper on Guidelines for Payment Gateways and Payment Aggregators’

We thank the Reserve Bank of India (RBI) for this opportunity to present our views and suggestions on the Discussion Paper on Guidelines for Payment Gateways and Payment Aggregators (Discussion Paper). It presents a detailed assessment of the payments ecosystem in the country, covers the various facets of the activities of the Payment Gateways (PG) and Payment Aggregators (PA) and presents differe...

NASSCOM Invite:Policy Roundtable on Regulation of Digital Payments-New Delhi

Dear Members, NASSCOM is organizing a policy roundtable on regulation of digital payments on October 16, 2019, Wednesday in New Delhi. Time: 11 am to 1 pm (followed by lunch) Venue: “Marigold” Habitat World, at India Habitat Centre, Lodhi Road New Delhi-110003 (Entry from gate number 1 on Lodhi road) RBI has recently released the discussion paper on guidelines for payment gateways and payment aggr...

Member Update: RBI extends full KYC deadline for PPIs

On 30 August 2019, the Reserve Bank of India (RBI) granted six months’ extension to Prepaid Payments Instruments (PPI) issuers, including digital wallets, to do full KYC of its customers. The move came a day before the end of the deadline- 31 August, set earlier by the Central Bank. “It is advised that the timeline for conversion of minimum detail PPIs to KYC compliant PPIs has been extended from ...

Policy Update: Finance Ministry introduces digital KYC under PMLA

Context The Ministry of Finance (Department of Revenue) has introduced digital KYC (know your customer) by amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, it said in a gazette notification dated 19 August 2019. “digital KYC means the capturing live photo of the client and officially valid document or the proof of possession of Aadhaar, where offline verification c...

Member Update: KYC challenges faced by Prepaid Payment Instruments (PPIs)

Context The fintech industry continues to grapple with challenges around e-KYC. The recent circular from Ministry of Finance, dated May 9, 2019, has been much appreciated by the industry. However, the same has been rendered ineffective due to certain requirements in the circular and a lack of common understanding between the regulators and the Unique Identification Authority of India (UIDAI) with ...

NASSCOM’s suggestions to address the KYC challenges faced by Prepaid Payment Instruments (PPIs)

Context The fintech industry continues to grapple with challenges around e-KYC. The recent circular from Ministry of Finance, dated May 9, 2019, has been much appreciated by the industry. However, the same has been rendered ineffective due to certain requirements in the circular and a lack of common understanding between the regulators and the Unique Identification Authority of India (UIDAI) with ...

Policy Brief: Highlights of the U. K. Sinha led expert committee report on Micro, Small and Medium Enterprises

Highlights of the U. K. Sinha led expert committee report on Micro, Small and Medium Enterprises 03.07.2019 Context In January, the Reserve Bank of India constituted an eight-member expert committee on micro, small and medium enterprises (MSMEs) headed by former SEBI chairman U.K. Sinha to undertake a comprehensive review of the sector and to propose long-term solutions for its economic and financ...