Small banks welcome KYC, digital channels steps

According to Rishi Gupta, MD & CEO, FINO PayTech, the operating guidelines set the stage for a next phase of disruption in banking in India. PBs are exempted from the requirement of having a base branch for a certain number of BCs, which is required for commercial banks. While there is no relaxation on having customer deposits of above 1 lakh, such balances of above Rs 1 lakh can be swept into an account opened for the customer with any other scheduled commercial bank or small finance bank, he said.