” The RBI move to create an Rs.10,000 crore Special LTRO for SFBs is very well-timed and a highly proactive move to ease out liquidity to the last mile SMEs amid a raging pandemic. Equally, the loan amount is capped at Rs 10 lakhs to efficiently reach the intended beneficiaries. It is heartening to note that the central bank has rightly acknowledged the role of SFBs as a true conduit for the last mile supply of credit to India’s growth engine.
The relaxation in KYC requirements is a very welcome step for all regulated entities, but more so for the pre-paid instruments and wallets. Conversion and recognition of limited KYC accounts – opened in non-face-to-face Aadhaar-based e-KYC mode – to fully KYC-compliant accounts will go a long way in popularising wallets among customers. The extension of time for updating KYC till December 31, 2021 without any restrictions on customer accounts shows the caring and thoughtful side of the regulator.”
– Ketan Doshi, MD at PayPoint India