Budget Reaction Quote – Sujith Narayanan, co-founder and CEO of Bengaluru-based fintech Fi Money

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Sujith Narayanan, co-founder, and CEO, of Fi Money.

“A risk-based approach to KYC should make things simpler not just for the industry at large, but also for users, as not every user will have to go through the same number of rigorous checks if they pass the risk threshold,” said Sujith Narayanan of Bengaluru-based fintech Fi Money. He added “Account creation processes as per RBI and SEBI norms are already under 5 minutes thanks to technology. Now with the PAN as a common identifier, access to financial products will see a drastic jump.”