Payments industry recommends KYC bureau to Nilekani-led RBI committee

PCI meets Nandan Nilekani-led committee, asks for smoother access to transaction infrastructure

The Indian payments industry on Friday recommended a Know Your Customer (KYC) bureau to the Nandan Nilekani-led Reserve Bank of India (RBI) committee on digital payments. This would iron out issues faced by the industry since the Supreme Court judgment on September 26, 2018, disallowed private companies from asking Aadhaar data of their customers for the KYC process.

The Payments Council of India (PCI), the payments and settlement arm of industry body Internet and Mobile Association of India, also said there should be a regulatory regime to ensure equality between cash and non-cash transactions. Some of the other recommendations were: