E-kyc

Finance ministry directs major PSBs to fast-track re-KYC verification

Out of 53.9 crore Pradhan Mantri Jan-Dhan Yojana accounts, 11.2 crore are inoperative and 10.5 crore accounts are pending for re-KYC

Govt asks banks to do fresh KYC of PM Jan Dhan accounts due for updation

Financial Services Secretary M Nagaraju on Monday asked banks to carry out fresh KYC (know your customer) process for Jan Dhan accounts which are due for updation. The PMJDY was launched in 2014 and approximately 10.5 crore PMJDY accounts were opened in mission mode during the period from August, 2014 to December 2014. These PMJDY accounts are becoming due for periodic updation or re-KYC now after 10 years. Nagaraju chaired a meeting with all stakeholders for carrying out fresh Know Your Customer (re-KYC) process for the Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders, the finance ministry said in a statement. During the meeting, Nagaraju suggested using all means for doing re-KYC -- such as fingerprints, face recognition, taking declarations where no change in KYC documents occurred -- through all channels like ATM, mobile banking, internet banking, and other available digital channels. Banks should also look forward to implement best practices adopted by other peer banks,

Niti Aayog calls for guidelines, e-KYC to check PMMY applicants background

The government think tank NITI Aayog has pitched for a set of guidelines for assessing the creditworthiness and background verification for those availing loans under the Pradhan Mantri Mudra Yojana (PMMY). The Aayog in a report titled 'Impact Assessment of PMMY' suggested encouraging E-KYC authentication for loan underwriting. This will enhance the effectiveness of assessment checks. "A set of guidelines for assessing the creditworthiness and background verification must be enlisted to provide a security net to the banks, considering the loans are collateral free and a proper risk check and assessment has a critical role to play in the sustainability of results and success of the scheme," it said in the report posted on its website. The majority of borrowers under PMMY are small entrepreneurs who have very limited documents and this makes it difficult for the banks to run verification checks as it requires more staffing and employees. The Aayog also suggested that a proper reward

Economic Survey: DPI brings down KYC costs to Rs 6 from about Rs 1,000

The disclosure on KYC costs comes as the RBI has been cautious about KYC risks and has emphasised well-defined norms for market players

March 31 deadline: Relief for mutual fund investors on re-KYC directive

While investors do not have to redo the KYC, they still have to validate their mobile number/email ID per the KYC records

PM-Kisan 16th instalment: Complete eKYC to receive payment; know how here

PM-Kisan eKYC: To receive the instalments, the farmers must complete their e-KYC. Know how here

RBI gives clarity to 'politically exposed persons' term to meet FATF norms

They are individuals entrusted with prominent public functions by a foreign country, including the heads of states or governments

RBI revises definition of politically-exposed persons for KYC purpose

The Reserve Bank of India (RBI) has changed the definition of Politically-Exposed Persons (PEPs) under its norms, a move that will make it easier for those individuals to carry out various banking transactions, including availing loans. Certain changes have been made in the RBI's Know Your Customer (KYC) norms. The earlier norms pertaining to PEPs were open-ended and there was a lack of clarity on the definition, apparently leading to issues for bankers, parliamentarians and others. There were also concerns in certain quarters that PEPs were finding it difficult to get loans or open bank accounts. In the amended KYC master direction, the central bank defines PEPs as "individuals who are or have been entrusted with prominent public functions by a foreign country, including the heads of states/governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials". The new rules also .

You will be able to get SIM cards without paper forms from January 1

The move is expected to control the cases of SIM fraud and cut the telcos' cost of customer acquisition

New SIM Card Rules to be implemented from December 1, check the details

The government is set to implement new SIM card rules from December 1. The guidelines were announced on August 1, 2023. Here's all you need to know about it

SBI-backed payment aggregator Cashfree unveils first no-code KYC link

KYC Link facilitates easy verification through SMS, email, or WhatsApp.

Centre makes registration mandatory for SIM card dealers: Details here

The ministry of communications has introduced reforms aimed at safeguarding the telecom ecosystem and enhancing customer protection

No need for customers to visit bank branches for re-KYC, says RBI

Self-declaration via email, phone sufficient

Banks should not ask for verification at branch level if e-KYC done: RBI

The Reserve Bank on Wednesday said banks should not ask for verifications/updates at the branch level in case a customer has done e-KYC or those who have completed the KYC (know-your-customer) process on C-KYC portal. Bank customers who've completed their KYC verifications online can do the annual updates as well as changes if any in their personal details online. A bank should not be demanding from a customer to walk into the branch for verification/updates. There is no such rule from the Reserve Bank on this, governor Shaktikanta Das told reporters on Wednesday. The governor also said, similarly for those customers who have uploaded their KYC details on the central-KYC (C-KYC) portal should not be asked for verification by any bank. In such case, the customer can just mail or message from the registered email ID or mobile to the bank to access the KYC details from the C-KYC portal. Blaming lack of awareness at the front-end of banks, deputy governor Rabi Sankar said the central ba

More than 1,750 mn Aadhaar authentications done in October 2022: UIDAI

So far, over 1,100 welfare schemes in the country run by both centre and states have been notified to use Aadhaar

A step-to-step guide to transferring Amazon Pay balance to bank account

Note, however, that you can only do this if you have completed your KYC

PM KISAN Yojana: List of documents required to receive the 12th installment

To avail of the benefits under PM KISAN Yojana, the farmer family must present the required documents before the state government

PM Kisan Yojana: How to know your registration number to avail of benefits

Under PM KISAN Yojana, the payment is done in the form of three equal installments of Rs 2,000 each. But to avail of the benefits, the farmers need to get themselves registered under the scheme

PM KISAN: How to register under the scheme to receive the 12th installment

To use the scheme's benefits, a family must own cultivable land, the records of which must be available with the state authorities

MobiKwik denies KYC breach of 3.5 mn users amid IPO plans, says data 'safe'

According to the researchers, the entire database is available for 1.5 Bitcoin (nearly $84,000) on the Dark Web