The problem is not kyc but something else. Kyc is done by bank where you have your saving account and not by upi sponser bank. For example, if you create a new upi on a different app, say mobikwik, today, it will be active immediately without any kyc and its sponser bank (HDFC) won’t come to you asking for your docs. If you want to use wallet, then kyc is necessary. So if paytm ties up with a third party bank to ensure continuation of wallet, then it will be a big headache for the partner bank to do crores of kyc all over again.
Also banks are hesitating to partner with paytm because RBI is very angry at it. Yesterday, Axis bank MD said paytm is a big player and they would be happy to work with them, IF the RBI permits
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