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12 search results for "kyc"

A Pandemic shifting digital paradigm – Know Your Technology: Video KYC

The Unprecedented pandemic outbreak, ‘Novel Corona 2019’ has made overwhelming impacts on our lifestyles, modus operandi of businesses and many other aspects. This calls for an inevitable need for top notch UI/UX in consumerization of the B2C technology. The urgency to have technology which can effectively replace physical presence- the human touch and feel, has put exorbitant pressure on enterpri...

Policy Brief: RBI permits video-based customer verification to address KYC challenges faced by the fintech industry

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Context On 9 January 2020, in a welcome step, the Reserve Bank of India (RBI) issued a circular to amend the Master Direction on know-your-customer (KYC). The circular enables leveraging of digital channels for Customer Identification Process (CIP) by Regulated Entities (REs). It permits Video based Customer Identification Process (V-CIP) as an alternate method of establishing the customer’s ident...

Policy Brief: Highlights of the new type of semi-closed PPI introduced by RBI

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Context On 24 December, the Reserve Bank of India (RBI) released the specifications of the new type of semi-closed PPI. The Central Bank said that the directive is issued under Section 18 read with Section 10(2) of Payment and Settlement Systems Act, 2007 and is effective from the date of issuance of the circular. Accordingly, the Master Direction on Issuance and Operation of Prepaid Payment Instr...

Policy Update: RBI introduces a new type of PPI

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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

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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’

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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

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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

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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

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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)

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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)

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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

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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...