India introducing more stringent KYC rules for financial industry

India’s financial sector is beefing up its Know Your Customer (KYC) protocols under pressure from regulators.

Financial institutions aim to add more verification layers for identifying accounts and account holders. Multiple accounts opened with a single phone number will receive special attention.

Banks will also require heightened verification from individuals who have multiple accounts opened with different identification documents, The Business Standard reports.

The clean-up comes amid increasing scrutiny of popular payment apps such as Paytm over lax KYC …

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