Monetary policy: RBI to revisit KYC rules after digital lending fraud

RBI Governor Shaktikanta Das said the RBI actions on KYC rules have to be in consonance with the Prevention of Money Laundering Act (PMLA)

Recent instances of fraud in digital lending activities have forced the Reserve Bank of India (RBI) to relook the Know Your Customer –Anti-Money Laundering (KYC-AML) norms to plug the loopholes.

“Wherever we have seen cases where irregularities have happened, we are looking into it and based on the investigation, appropriate action could be initiated,” M Rajeshwar Rao, deputy governor of RBI, said during the post-policy interaction with the media.

“As for the KYC issues, there are certain operational issues, we are engaging internally and, if required, we will look at what kind of amendments are required for the regulations, and