Paytm, which is one of the recipients of a payments bank licence, plans to launch its payment bank services before November. Photo: BloombergNew Delhi: One97 Communications Ltd, which runs the online payments firm Paytm, has started Aadhaar-based electronic know your customer (eKYC) process of user verification, the company said in a statement on Monday. Paytm, which is one of the recipients of a payments bank licence, plans to launch its payment bank services before November. KYC is a process of verifying the identity of the user and a regulatory norm to prevent identity theft, financial fraud, money laundering and terrorist financing. “We are building India’s largest eKYC customer network to bring half-a-billion Indians to the mainstream economy.

Source: Mint September 11, 2016 19:52 UTC