RBI’s new guidelines will create a digital banking ecosystem, says Payments Bank Group of PCI

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Payments Council of India [PCI], the FinTech arm of Internet and Mobile Association of India [IAMAI], has welcomed the Operating Guidelines for Payments Banks issued by the Reserve Bank of India [RBI] last evening. These guidelines will be applicable to the 9 Payments Bank licensees.

 

Suresh Sethi, the Co-Chair of the Payments Bank Group of PCI and CEO of Vodafone MPesa expressed his happiness over allowing the use of existing Telecom KYC for onboarding of new customers for opening a bank account. Welcoming the guidelines Shinjini Kumar, CEO – Paytm Payments Bank said, “Reserve Bank of India’s new guidelines are a firm step in the direction of creating digital banking ecosystem. Moving away from wet signatures for account opening or ability to communicate with clients using a channel of their choice (paper or digital)  will help as we work towards our goal of bringing millions of under-banked and unbanked Indians into the mainstream economy. We will await alignment of the CERSAi KYC process with these guidelines as current CERSAI process includes wet signatures.”

 

By easing the process of opening accounts, the new guidelines have the potential of reaching formal banking to those sections of rural and urban India which so far have been deprived from these services.