Key Points
India's financial stability panel plans to roll out a uniform approach to verifying customers across the financial sector and prevent illegal lending based on online applications, it said on Wednesday...
Their announcement follows a meeting of the Financial Stability and Development Council (FSDC), which brings together all the country's financial regulators...
India's fintech sector has been thrown into crisis after India's banking regulator on Jan. 31 directed Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets from March..
Wednesday's statement made no direct reference to Paytm Payments Bank, saying only the FSDC discussed Know Your Customer (KYC) norms...
Different financial institutions currently follow different ways to verify the account holders and the panel said the process should be standardised to enable "inter-usability of KYC records across the financial sector"...
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