Banks await RBI nod on KYC challenges at Paytm before moving business

Two senior bankers in the know told ET that given Paytm was involved in issues around KYC of its user base in the past, bankers are looking for directions from the RBI before taking on the business. KYC is a process that requires a potential customer to submit original identity documents to a bank before being able to access its services. The central bank allows digital KYC through video verification.
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