NITI Aayog to meet digital payments industry to resolve KYC issue

51
NITI Aayog is planning to hold a meeting with all the stakeholders in the digital payments sector to resolve the customer authentication issue in the wake of the Supreme Court verdict that barred the use of Aadhaar details for Know Your Customer(KYC) in availing several services, including banking and telecom.

niti_aayog“I will have a roundtable with the stakeholders. There are some issues which have come up from the industry, we will sit down and see what the issues are and find out how to move forward. The industry is saying that it may hamper the digital payments system,” said Ratan Watal, Member Secretary – PMEAC and principal advisor, Niti Aayog.

On September 26, the Supreme Court had declared the centre’s flagship Aadhaar scheme as constitutionally valid but dropped some of its provisions including its linking with bank accounts, mobile phones and school admissions.

Also, the apex body said that it is not mandatory for school admissions, as well as for the examinations conducted by the Central Board of Secondary Examination, National Eligibility cum Entrance Test for medical entrance and the University Grants Commission.

However, it keeps the mandatory use of Aadhaar valid for the filing of IT returns and allotment of Permanent Account Number (PAN).

“ITU has done a lot of work in this field in the emerging economies on digital payments. With their help we prepared a three-module programme aimed at how to improve digital payment space in India,” he said.

Get a chance to meet the Who's who of the BFSI industry. Join Us for 5th NBFC100 Tech Summit, Mumbai and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.