A lot of this is - done - with a sweeping provisions under #PMLA citing #FATF (post 9-11 anti terror financing) mandates. Checkout this paper
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RT @VrindaBhandari
I wrote a paper with @rishabbailey & #Trishee Goyal on the privacy concerns in India's #KYC framework. We look at the #FATF framework and the Indian legal framework (incl RBI guidelines + PMLA) to analyse the privacy rights in its design & implementation https://papers.…
https://twitter.com/VrindaBhandari/status/1518880835197276161