During my time leading the fintech policy efforts at NASSCOM, I had the privilege of advocating for a transformative policy change that would significantly impact India’s digital finance landscape — the introduction of Video-based Know Your Customer (KYC). This was not merely a regulatory shift; it was a pivotal moment for the fintech industry, addressing long standing barriers to customer onboarding and enabling a fully digital experience.
In early 2020, the Reserve Bank of India (RBI) issued a landmark circular amending the Master Direction on KYC, permitting regulated entities (REs) to conduct customer identification through Video KYC (V-CIP). This decision came after persistent industry representations made by the NASSCOM policy team, where I actively engaged with key stakeholders, including the Department of Revenue, UIDAI, NITI Aayog, MeitY, and the RBI itself.
The fintech industry had long struggled with cumbersome physical KYC processes, which hindered customer acquisition, especially in remote areas. Our advocacy emphasised how video KYC, coupled with advancements in AI and facial recognition, could provide a secure, scalable, and cost-effective alternative to in-person verification.
We proposed global best practices, drawing insights from European regulations on digital identity and customer authentication frameworks. The goal was to help the regulator see how technology could ensure compliance without compromising security. The RBI’s decision to enable V-CIP was a testament to the power of industry-regulator collaboration and a significant win for digital innovation.
Of course, the circular was just the beginning. Certain provisions — such as the requirement to cross-verify PAN details with issuing authorities, even for e-PANs obtained through DigiLocker — posed practical challenges. We continued engaging with the RBI to refine these nuances, ensuring that policy intent translated into seamless implementation.
Reflecting on this policy effort, I take immense pride in knowing that our work helped unlock new possibilities for fintech companies, fostering greater financial inclusion and accelerating India’s digital economy. This experience reinforced my belief that policy advocacy is not just about influencing decisions but about envisioning the future of industries and creating pathways for growth.
At Konsult Komal, I bring this same commitment to every client engagement — blending policy acumen with strategic foresight to help businesses navigate complex regulatory landscapes. If you’re looking to shape the next big policy shift or need strategic guidance in aligning with evolving regulations, I’d be delighted to collaborate and drive impact together.