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Fintech firms can use video-based KYC, DigiLocker, recommends panel

Updated : September 03, 2019 07:59 AM IST

The steering committee on fintech-related issues has recommended the usage of video-based KYC and the services of DigiLocker among other options for the KYC registration process by fintech firms.
The committee observed that the Supreme Court's judgement last year prohibiting private companies from using Aadhaar data of customers without their consent has impacted the operations of fintech companies. 
It has also recommended that insurance companies and lending agencies to be encouraged to use drone and remote sensing technology for crop area damage and location assessments to support risk reduction in insurance or lending business.
Fintech firms can use video-based KYC, DigiLocker, recommends panel

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