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India s financial stability panel aims to standardize customer verification processes across the financial sector to curb illegal lending through online applications. The plan, discussed at a meeting of the Financial Stability and Development Council, seeks to ensure uniformity in Know Your Customer (KYC) norms. This move follows regulatory action against Paytm Payments Bank for non-compliance. The panel also addressed measures to prevent the negative impacts of illegal online lending apps, which have surged during the COVID-19 pandemic.

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