In one of the largest movements in the Indian payment industry, the Reserve Bank of India (RBI) has released a new set of guidelines for the publication and operation of electronic wallets and PPIs ( Public prepaid payment instruments) in the country. Standing on the subject of KYC closer and interoperable, this initiative has been hailed by some pockets of the industry. Portfolio stakeholders are not convinced by the new direction since the adoption of the KYC standard for low-cost portfolios such as PhonePe and Amazon Pay that help prevent their use. For a recent article, industry experts told videosix that the new RBIare policy with full compliance with KYC standards limits financial inclusion. In addition, KYC appears to be a duplication effort, especially after new instructions from the Ministry of Telecommunications require all mobile service providers to verify existing customers using the Aadhar number and biometric details by February 6, 2018. [ read more here ] Renu Satti, MD CEO, Paytm Bank Payments In an e-mail interaction with videosix, Renu Satti, MD and CEO of Paytm Payments Bank, spoke about Paytmare’s views on the new directions and the actions they seem to take. apply the new standards proposed by the governing body. YS: Paytm’s response to the latest developments around RBIare’s new direction. What is a portfolio and a PPI? Renu Satti: New guidelines are aligning with our industry. It guarantees that only serious players can be part of this very important financial market. By making sure KYC is made for every purse, RBI makes sure our financial system is safe and secure. We think this is an excellent approach and that Paytmare’s network and processes are fully compatible with Aadhaar. We are very excited about some other innovations that the RBI has done on the portfolio. Now, there is an unlimited amount of money that can move between a bank account and a portfolio, in our opinion a positive reform. YS: How does Paytm orient towards the full requirements of how KYC and other things? RS: We have expanded our KYC network across the country. We are available with over 100,000 bank transaction points and KYC points. We will continue to expand our national network and have an ambitious goal of 500 million KYC portfolios over the next three years. YS: Given the KYC standards, we see how the operating costs of Paytmare increase in the short term. RS: We will invest $ 500 million in KYC’s business. We believe this will be the most active KYC expansion in the country. This will allow us to build the most dominant clientele and wallet in our country. YS: There are no guidelines on how a wallet can work in this country, and we also see the range of activities that banks are loosing. management? RS: We found that RBI is very interested in expanding its domestic financial network. So far, RBI has allowed us to use KYC only for the portfolio, bank account and other financial services. This is a great way to reduce the process of financial inclusion. Currently, Paytm has a payment bank (savings account), a portfolio and financial services enabled on its platform. A pending KYC application is required for the client to activate one of the services mentioned on the Paytmare platform. They do not need to make separate KYCs for payment banks, portfolios or financial services.) YS: As stated in one of our competitors you, with a limit of Rs 1000 for portfolios and interoperability, do you think KYC portfolios will be on par with the payment bank? RS: No, that’s not the case. I would like to point out that the portfolio limit was accidentally 1,000 rupees after KYC since December 2013. This is not a new change. RBI always leaves Rs 1 lakh with KYC. Có r?t nhi?u ?i?u b?n có th? làm v?i m?t tài kho?n ngân hàng, mà b?n không th? làm v?i m?t chi?c ví. Ví ti?n là tài kho?n ?? l?u tr? ti?n mà không có lãi và có th? ???c khách hàng s? d?ng ?? gi?m giá cá nhân, trong khi tài kho?n ngân hàng có th? cung c?p t?t c? các lo?i d?ch v? tài chính, s?n ph?m qu?n lý tài s?n, thanh toán qua biên gi?i và các lo?i khác. Trong cách gi?i thích c?a h?, các chuyên gia ngành công nghi?p khác ?ã g?i RBIare qu?n lý ?? có m?t s? ?i?m tích c?c. Trong khi m?t s? ng??i nói r?ng KYC ??y ?? s? giúp các t? ch?c thanh toán cung c?p m?t lo?t d?ch v? tài chính t?t h?n, nh?ng ng??i khác ?ã ch? ra vi?c s? d?ng danh m?c ??u t? và lo?i b? các thông s? vanity càng cao, vì l?i ích ngay l?p t?c c?a các tiêu chu?n m?i . ??c thêm: D??i ?ây là nh?ng gì b?n ?ang b? l? v? nguyên t?c danh m?c ??u t? m?i c?a RBI Navin Surya, Ch? t?ch, Quy?t ??nh RBI này s? cho phép ?óng góp c?a PPIsn cho các kho?n thanh toán k? thu?t s? d??i 10% ?? t?ng t? 30 lên 40% trong nh?ng tháng t?i. n?m n?m … ?? .
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