The industry may need to examine how quickly the Aadhaar scheme could be used to address the identification and authentication requirements. While this process is ongoing, caution has to be the better part of valour. So, while the demand for relaxation of KYC is well taken, the industry should work on improving the system for providing the necessary trace and transaction trails.
I believe such a function of finance will become more important in view of globalization and technological innovation. Since AI and big data analytics enable advanced information processing, they inherently have the potential to strengthen the functions of finance.