The RBI has issued an update to the Operating Guidelines for Payments Banks with regard to KYC requirements while onboarding customers of telecom companies, in the wake of the Airtel Payments Bank rerouting of subsidies by creating Payments Bank accounts for subscribers validating mobile phone numbers. The circular draws attention to Section 14 of the Master Direction on KYC from February 25, 2016: For the purpose of verifying the identity of customers at the time of commencement of an account-based relationship, REs, shall at their option, rely on customer due diligence done by a third party, subject to the following conditions: Necessary information of such customers’ due diligence carried out by the third party is immediately obtained by REs. Adequate steps are taken by REs to satisfy themselves that copies of identification data and other relevant documentation relating to the…
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