Opinion | Five things that can strengthen the digital KYC verification landscape
Success of digital KYC initiatives will enable credit access for every Indian citizen
Thanks to the recent regulatory initiatives by the government, paperless and presence-less finance is now a reality in India. The introduction of video-based customer identification process (VCIP), digital KYC (know your customer) norms and digitally-signed documents sourced through the DigiLocker are some key reforms powering India into the next phase of digital financial inclusion. That said, more needs to be done. Here are five key suggestions to aid recent regulatory initiatives post the budget announcements. These suggestions include long-standing items along with some new ones that require attention on account of recent regulatory developments in the fintech space. Some of these have been a part of post-budget interactions with the finance minister to fast track credit growth.