Allow digital onboarding of customers for NBFCs, others: Industry body

The non banking entities are capable of doing minimum know your customer (KYC) for merchant transactions successfully without face- to- face physical interaction with the customer only

Industry body Internet and Mobile Association of India (IAMAI) has requested the government to enable digital onboarding of customers for all regulated non-banking financial services entities like prepaid instruments (PPI), non-banking financial companies (NBFCs), lenders and others going forward,  to avoid physical interaction between the customers and the employees of the entity.

The association said that given the situation with the ongoing lockdown in view of the coronavirus (Covid-19) pandemic, all critical transactions are being conducted via digital means. Users require digital payment instruments for paying for utilities like electricity and water, all e-commerce transactions for essential items and so