Hi, this is Pratik Bhakta in Bengaluru. Its been a busy news week for us here at ETtech covering some of the most important stories in the fintech space. We had a string of big exclusives, wrapping it up here just in case you missed reading them.
Multiple people in the know have told me that the insurance regulator is not comfortable with the typical corporate structures of startups, and may not be in favour of granting them an insurance manufacturing licence. The regulator wants these firms to get rid of any holding company structures, onboard investors directly into the applying entity, and have founders bring in sufficient amount of net worth before applying.
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KYC is best understood as the doorway to formal banking channels. So improper KYC can open up banking to the risks of money laundering, fraudulent transactions and such. When customers open bank accounts, they need to submit identity documents, PAN cards to be verified by bank officials as a part of the KYC process.
Paytm s regulatory snag feels like a never-ending nightmare. Other payment companies under the scanner should definitely be sweating! Even as Paytm is scrambling to fix compliance issues, will it be enough to appease the RBI gods? The clock is ticking on new user growth, and rivals are circling like sharks. So, what s next? Anirban Chowdhury gets into the details of this hot potato with ET’s fintech expert Pratik Bhakta and ET’s banking editor MC Govardhana Rangan and Srinath Sridharan, Independent financial services expert. Tune in to the latest episode of The Morning Brief podcast!