TMS Ep129: KYC challenges, digital transactions, Raamdeo Agrawal, NEFT
What are the KYC challenges facing financial institutions? How have digital transactions changed in India? What opportunity does Raamdeo Agrawal see in markets? What is NEFT? All answers here
Paytm has been in the news for a while now. A few months after its IPO shook investors’ confidence in the primary market, a recent audit shook RBI’s trust in its implementation of know your customer norms. But are all financial institutions adhering to these norms? And what difficulties do they face in implementation? KYC cuts the risk of fraud in digital transactions, whose nature has changed a lot in recent years because of the pandemic. UPI is set to grow bigger now as the RBI has introduced it in feature phones too. Most other forms of digital transaction are also growing.
Find out the changing landscape of virtual transactions. Digital transactions also form the backbone of financial markets. Global stock markets, meanwhile, seem to be waiting to see the outcome of the two-day meeting of the US Federal Reserve on March 15 & 16. Business Standard’s Puneet Wadhwa spoke with Raamdeo Agrawal, co-founder & joint managing director, Motilal Oswal Financial Services, to know how he is interpreting the situation in Ukraine, other recent developments, their impact on corporate earnings back home, and the investing opportunities in this market correction. After the markets, let’s now return to the subject of digital transactions. National Electronic Fund Transfer, or NEFT, is now a preferred mode of transaction for everyone. The RBI-managed NEFT has made near real-time movement of funds from one bank to another very easy. But how does the NEFT system operate? Find out in this episode of the podcast.
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