KYC compliance: On KYC compliance front, payment aggregators may be second to some
Some Indian payment firms and aggregators appear to be stragglers in comparison with banks on meeting know-your-customer (KYC) norms. Compliance faultlines remain even as the broader fintech industry is in the spotlight after the central bank ban on Paytm Payments Bank.Large payment companies are approaching KYC more as a security checklist — perhaps for cost considerations — than a monitorable mandate by the Reserve Bank of India (RBI), multiple industry insiders told ET. “RBI does not distinguish between banks and…