The Reserve Bank of India has put NBFCs and fintech players under the lens after a series of compliance failures came to light - Issue Date: Apr 14, 2024
The National Commission for Protection of Child Rights has raised concerns with the ministry of electronics and information technology regarding the lack of KYC norms for gambling platforms, resulting in the unlawful participation of children. The commission has requested a detailed report on the gambling apps and websites in India within 10 days.
KYC is essential for businesses to verify customer identities, comply with regulations, and combat financial crimes. Leveraging AI and biometrics in KYC balances security and convenience, safeguarding citizen data privacy