Accura's Role in RBI's ‘Low KYC’ Policy for Fintech Companies - Accurascan

17 Apr 2020

Fintech companies like Accura will definitely heave a sigh of relief with the central bank’s new norms around low KYC.For those who don’t know, the Reserve Bank of India came up with the initiative on February 5, 2020, in order to ease out regulations for fintech companies, who still have a large number of non-compliant KYC accounts.

  1. The recently presented 'low KYC' records will permit clients to keep making instalments utilizing portable wallets
  2. Already, RBI had asked banking organizations to follow 'full KYC' before February 29, 2020
  3. RBI has recommended video-KYC as a choice to build up client’s character.

While trying to back out guidelines for fintech organizations, the Reserve Bank of India (RBI), on Wednesday (February 5), has consented to permit rebellious know-your-client (KYC) records to keep making instalments through portable wallets. The national bank had before set a limit for exchange limits.

RBI is required to allow exchanges by giving clients the alternative to change over their 'base KYC' records to the national bank's recently presented 'low KYC' PPI (Paid Instalments Instruments) accounts.

This choice came after RBI encouraged the portable wallet organizations, as Paytm, PhonePe and AmazonPay, to consent to 'full KYC' at the latest February 29, 2020.

The ongoing advancement additionally came as an alleviation to fintech organizations as they were thinking that it’s difficult to locally available new clients and hold them after the Incomparable Court had banished telcos and NBFCs from utilizing Aadhaar-based KYC strategy in 2018.

Accura Scan’s Founder has commented on this development and said, “we are already happy to welcome this move by RBI on escalating financial operations as this would help customers to be identified quickly and complete their financial obligations”.

Predominantly, RBI is encouraging fintech companies to leverage emerging technologies, including artificial intelligence (AI), face matching and recognition technologies, to ensure that the integrity of the process as well as the information furnished by the customer is genuine and authentic.

For all these banks, Accura Scan already have these features covered under its capabilities including KYC Onboarding and liveness check with face recognition. Banks can use a biometric facial recognition will enable you to carry out entire ID verification. Now, we know your next concern. Was the person himself present while doing the transaction? or submitting KYC documents? or while opening the account remotely? Here is where Liveness check feature of Accura Scan will be a perfect fit.

Accura Scan, a pioneer in scanning technology is a perfect solution for the Onboarding and KYC of the new customers. At Accura Techno labs, it is our mission to replace the manual KYC onboarding. You can check out more information about us here- https://accurascan.com/download

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