The National Association of Software and Services Companies (NASSCOM) has written to the Reserve Bank of India (RBI), the government and the Unique Identification Authority of India (UIDAI), seeking a review of the mandatory full know your customer (KYC) guidelines.
According to NASSCOM, the government can allow regulated entities direct access to the Aadhaar database. This would mean that wallet players will not have to get separate clearances from the RBI, UIDAI and the central government to access the database.
In addition, as per NASSCOM, the timeline for full KYC should be extended till March 2020 so that the industry has sufficient time to install digital KYC processes and abide by the regulatory mandate.
