The move is aimed at curbing the ‘menace of fake profiles, impersonation and anonymous harassment’, with penalties for platforms that fail to protect women and minors.
Funds allocated have declined over the years years, while the authority's stated requirement has grown. Panel tells UIDAI that 'cost-benefit analysis must guide all new initiatives'.
Employment of third-party vendors to conduct KYC processes is another issue. They bombard customers with document requests, sometimes without a proper understanding of what is needed.
These regulations are not intervention-based or focused on incentives. Instead, strategies such as counselling or voluntary game limits could promote long-term behaviour change.
The extent of data collected at onboarding and once again at the time of updates to KYC goes beyond just verification and could potentially be used for “profiling” the customer.
Panel set up in May 2022 has recommended ways in which RBI's regulated entities can improve customer service, including easing KYC norms & removing limits on UPI transactions.
The draft amendments envision an obligation for online gaming intermediaries to verify identity of all customers when they register new account for playing games.
Our response to KYC problems has been to bring technology to streamline processes. The problem is that they often don’t work as well as one would have hoped.
Regulator seeks feedback on allowing firms to repurchase shares via exchanges after tax changes, as markets reel from war-led selloff and foreign outflows.
China patiently invested capital, skill and technology in coal gasification. Unlike it, we won’t move from words to action. As crude prices decline, we lose interest.
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