More Stories

Informist, Friday, Aug 30, 2024

 

--RBI ED: Working on ways to tackle impact of deepfakes on video KYC 
--RBI ED: Issue of deepfakes has compromised validity of video KYC 
--RBI ED: Discussions on to bring harmonisation in KYC requirements 
--RBI ED: Fintech cos must talk to regulator if rules hamper innovation 
--CONTEXT: RBI ED Vivek Deep at Global Fintech Fest 
--RBI ED: Grievance redressal mechanism in fintech space needs work 
--RBI ED: Expecting light regulation to continue for fintechs wrong 
 

MUMBAI – Discussions are on to bring harmonisation and clarity to Know-Your-Customer requirements, which being different for different companies is a pain point for customers, said Reserve Bank of India's Executive Director Vivek Deep at the Global Fintech Fest today. 

 

According to Vivek Deep, the validity of video KYC has been compromised by the emergence of deepfakes. "When video KYC came in, it was assumed it would solve a lot of issues, but now with deepfakes it may not work in the form that we know," he said. As these challenges emerge, the approach to deal with them needs to change, he added. The RBI is working on ways to tackle the impact of deepfakes on video KYC, Vivek Deep said.

 

The other challenge that financial technology sector needs to work on is its grievance redressal mechanism, according to Vivek Deep. He said that as the financial technology sector has evolved from a tech-oriented mindset, the expectation that it would continue to be lightly regulated would be wrong. He also asked financial technology companies to reach out to the regulator and policymakers if the regulatory framework seemed to hamper innovation.  End

 

Reported by Ksihpra Petkar

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.