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India’s Payments Banks Trip On E-KYC Rules

“The Reserve Bank of India has barred at least two payments banks from accepting new customers. The reason, say officials in the know, is the lack of strict compliance with a couple of banking provisions – including not just banking-related Know Your Customer norms but also provisions under the Prevention of Money Laundering Act. Fino Payments Bank has been barred by the Reserve Bank of India from adding new customers. That’s because some customer accounts were found to have more than the Rs 1 lakh deposit limit permitted to payments banks, said Fino in a statement to BloombergQuint.”