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I wrote this before the Ant IPO suspension. And was getting ready for a push back on the line I took!
Anyhow, this is the column: https://www.livemint.com/money/personal-finance/regulatory-turf-today-prevents-an-ant-like-ipo-but-things-are-changing-11604418564184.html
Anyhow, this is the column: https://www.livemint.com/money/personal-finance/regulatory-turf-today-prevents-an-ant-like-ipo-but-things-are-changing-11604418564184.html
India can't have an Ant-like IPO today due to a regulatory mess. We don't have a common KYC!
Sebi has sorted the KYC portability, but RBI does not allow this even within banks.
Regulations prevent a one-screen solution where an individual's entire financial life can be managed.
Sebi has sorted the KYC portability, but RBI does not allow this even within banks.
Regulations prevent a one-screen solution where an individual's entire financial life can be managed.
But, there is hope due to two reasons
1. Account aggregators
2. A common 'repository' of all financial assets
India should have several and not one large firm that controls our financial life.
India is taking the digital public utility road rather than a winner takes it all one.
1. Account aggregators
2. A common 'repository' of all financial assets
India should have several and not one large firm that controls our financial life.
India is taking the digital public utility road rather than a winner takes it all one.
Also, @nsitharaman @FinMinIndia need to sort out the shoddy CKYC framework. Unlike KYC, CKYC does not verify the authenticity of data. It is garbage in and garbage out. Why is it there? It was the pet project of a UPA2 FM - why drag it forward?
