by Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby:
“The RBI’s revised KYC guidelines are a vital step towards promoting equitable financial access while strengthening governance, compliance, and customer protection. Timely KYC updates are crucial to preventing account misuse and combating financial fraud. By enabling Business Correspondents to assist with these updates, banks can efficiently reach customers in areas with limited branch presence. This empowers citizens in remote and underbanked regions, who can now visit a Nearby Retail outlet to update their KYC digitally and securely. At PayNearby, we see this as a meaningful opportunity to work alongside banks in building a safer, more compliant, and accessible financial ecosystem for Bharat.”