Complaints abound of the startup’s digital wallet users claiming they were assigned a credit line without signing up for it. Who’s to blame?
H, a banker of 12 years, had carefully curated his credit profile with just one credit card and no other ongoing personal liabilities to get the best deals for a loan when he would eventually purchase his dream home. However, on 7 March, he got an email from the government’s Central Know Your Customer Registry stating that his KYC record had been updated by IDFC First Bank.
He glanced through the email and ignored it at first. But curiosity, and a nagging feeling that something was wrong, made him go back and read it again. He had not banked with …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi