The Reserve Bank of India (RBI) has been asked by the Ministry of Electronics and Information Technology (MeitY) to develop a more thorough Know Your Customer (KYC) procedure for financial organizations.
The Know Your Digital Finance App (KYDFA) suggested KYC procedure seeks to guarantee that only verified and authentic financial applications have access to the Indian banking system.
This action is a part of continuous attempts to stop predatory loan apps, which have been using unethical recovery techniques in spite of other restrictions and new norms for digital lending.
