The Reserve Bank of India's Central KYC Registry has around 100 million records, RBI governor Shaktikanta Das said at the FinTech conclave organised by Niti Ayog. At the conclave, while highlighting the importance of the Aadhaar ecosystem in incentivising the adoption of digital platforms, "as it is happening in the case of direct benefits transfer (DBT), Das said that "the central KYC registry is a significant step in this regard – about 100 million KYC records have already been uploaded onto this platform." In December 2008, the RBI had asked All Scheduled Commercial Banks (SCBs) to upload the KYC data pertaining to all new individual accounts opened on or after January 1, 2017, with Central KYC Records Registry. Key points made during the speech (read) Cross border data flows: The RBI sees cross border data flows as major regulatory risks. "Risks for FinTech products may also arise from cross border legal and regulatory issues", Das said. "Data confidentiality and customer protection are major areas that also need to be addressed." FinTech no longer the monopoly of banks: "Non-bank entities are cooperating as well as competing with banks, either as technology service providers to banks or by directly providing retail electronic payment services. The regulatory framework has also encouraged this enhanced participation of non-bank entities in the payments domain." Regulatory Sandbox guidelines in 2 months: "The Reserve Bank’s working group on FinTech and digital banking (Report of the working group on FinTech and digital banking, November 2017) suggested the introduction of…
Key points from RBI Governors speech at FinTech conclave: KYC Registry, Regulatory Sandbox, RegTech, Digital Payments numbers
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