Telco-run payments banks need to do KYC independently: RBI
The Reserve Bank of India (RBI) has said that KYC (Know Your Customer) verification of payments bank customers done by telecom companies is not permissible. It has instructed payments banks to complete the KYC process independently through third parties. This comes after Airtel was penalised by UIDAI for allegedly opening payments bank accounts without 'informed consent' of the users.