Mr. Ketan Doshi The Economic Times – KYC Norms could Burn a Hole in eWallet Cos’ Pockets

The Economic Times Page No.6 Dated 11th Oct’ 2017

With immense pleasure we would like to share that our Ambitious Managing Director Mr. Ketan Doshi was covered in this article sharing his views on the new norms by the The Unique Identification Authority of India for e-KYC.

Mumbai: The central bank’s proposal to make full Know Your Customer (KYC) norms mandatory for interoperability among digital wallets could emerge as an expensive proposition for the fledgling electronic payments industry.

Complying with the Reserve Bank of India’s (RBI’s) proposed KYC requirements could cost digital payments companies `120-200 per customer, depending on the location and the documents, according to industry executives ET spoke with Pay Point India MD – Mr.Ketan Doshi

KYC Norms could Burn a Hole in eWallet Cos’ Pockets

The Unique Identification Authority of India, which issues Aadhaar numbers, recently asked e-KYC user agencies to deposit fees of `20 lakh for two-year validity, and authentication service agencies, `1crore, pointed out Ketan Doshi, managing director of Mumbai-based Pay Point India. “Though e-KYC is the

future, if authentication from Aadhaar is so costly then it becomes

prohibitively expensive for the industry,” said Doshi. 

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