RBI
RBI Simplifies KYC Norms for Digital Lending; e-KYC Window Reduced to 30 Seconds
MoneyControl
AI Summary
The RBI introduced simplified KYC guidelines for digital lending platforms, reducing the e-KYC authentication window from 5 minutes to 30 seconds and permitting video KYC as an alternative. These changes will enable instant loan approvals for pre-verified customers. Fintech companies have welcomed the move, estimating it could reduce loan processing costs by up to 40%. Source: MoneyControl.
Generated by Straico · Source: MoneyControl