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Plans afoot to digitalise KYC, curb illegal online lending

By Economic Times - 9 months ago
The Financial Stability and Development Council (FSDC), led by Nirmala Sitharaman, plans to digitalize the KYC process and curb unauthorised lending. Recent restrictions on Paytm Payments Bank Ltd highlight non-compliance with KYC norms. FSDC focuses on inter-regulatory coordination, stability risks, and GIFT IFSC's role as an international centre.

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