Kyc

Finance sector deadline for 'masking' KYC documents extended till Jan 20

Once security measure is enforced, registered reporting entities will only be able to view the last four digits of KYC identifiers such as Aadhaar, PAN, Voter ID, driving licence

SBI launches nation-wide drive for activation of inoperative accounts

State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement. SBI chairman C S Setty emphasised the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly. He urged upon Business Correspondents to harness the technology to bridge the gap and reach the last-mile customer, thereby enhancing customer experience.

Bengaluru man nabbed: ED busts Rs 10 cr scam involving fake PANs, tax fraud

Using Aadhar and PAN data from property records, he forged documents to open bank accounts in the names of his targets, specifically choosing banks with lax KYC requirements.

CAD is manageable as India is doing well in services exports: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said that India's current account deficit (CAD) is manageable as it is doing well in services exports. He said that the import numbers of the country are correlated with exports as much of the imported goods are shipped back after value addition. "Our services exports are significant. It is an increasingly growing surplus. So if I have a trade deficit of USD 250-300 billion, almost USD 175-200 billion get made up by services exports. So the net CAD is still in the one per cent of GDP category, which I do not think is a matter of serious enough to be concerned about," he said at an event here. The country's CAD widened marginally to USD 9.7 billion or 1.1 per cent of the GDP in April-June 2024 against USD 8.9 billion or 1 per cent in the year-ago period. A current account deficit occurs when the value of goods and services imported and other payments exceed the value of the export of goods and services and other receipts by a ..

RBI: Customers can submit online self-declaration for Re-KYC if no changes

Banks are advised to enable self-declaration for customers via non-face-to-face channels like registered email, mobile, ATMs, online/mobile banking, and letters, removing the need to visit branches

RBI's new KYC rules: Simplified verification and enhanced security

The amended provisions in the Master Direction have come into force with immediate effect, said the circular issued by the Reserve Bank of India

RBI makes changes to KYC norms to align it with money laundering rules

The Reserve Bank on Wednesday made changes to the Know Your Customer (KCC) norms to align them with recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules and revised certain existing instructions. According to the Amendment to the Master Direction - Know Your Customer (KYC) Direction, 2016, regulated entities (REs) will have to apply the customer due diligence (CDD) procedure at the unique customer identification code (UCIC) level. "Thus, if an existing KYC-compliant customer of a RE desires to open another account or avail any other product or service from the same RE, there shall be no need for a fresh CDD exercise as far as identification of the customer is concerned," it said. The amended provisions in the Master Direction have come into force with immediate effect, said the circular issued by the Reserve Bank of India (RBI) in this regard. Amendments have also been made regarding CDD Procedure and sharing KYC information with the ..

RBI imposes penalty of Rs 2.68 cr on UCO Bank violation of provisions

Reserve Bank of India on Friday said it has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of Know Your Customer (KYC) directions. In both cases, the central bank said penalties are based on regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

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

Five entities enter test phase for 5th cohort of RBI's regulatory sandbox

The banking regulator received 22 applications for this cohort of the regulatory sandbox

RBI tightens domestic transfer rules: KYC must for walk- in money transfer

Remitting bank shall obtain and keep a record of the name and address of beneficiary, according to new norms

Demat account KYC: Why it matters more than ever for Indian investors

Every single transaction that is made in the stock market is linked to your demat account and your PAN card

Electricity KYC fraud: DoT blocks 392 handsets, checking 31,740 connections

The Department has also directed them to re-verify 31,740 mobile connections linked to these mobile handsets

Sebi mandates KRAs to update KYC info on Central KYC Records Registry

Sebi has asked KYC registration agencies to upload KYC details of all capital market investors from August 1

Lack of central KYC hinders market participation

An enabling ecosystem where financial planning is popular will allow investors to feel comfortable while making suitable investments based on goals, risk-taking abilities, and resources

Unable to invest in MF due to inoperative PAN?: Here is a good news for you

Sebi earlier required that all mutual fund investors link their PAN with Aadhaar to complete KYC process

DoT asks operators to re-verify over 600,000 mobile connections in 60 days

The Department of Telecom has directed telecom operators to verify more than 6 lakh mobile connections suspected to have been obtained using invalid, non-existent, or fake documents, an official statement said on Thursday. The DoT has issued directives to telecom operators to carry out immediate re-verification of the identified mobile numbers within 60 days. "DoT has identified approximately 6.80 lakh mobile connections suspected to have been obtained using invalid, non-existent, or fake and forged Proof of Identity (PoI) and Proof of Address (PoA) KYC documents," the statement said. The department has flagged around 6.80 lakh mobile connections as potentially fraudulent after advanced AI-driven analysis. "The questionable veracity of the PoI/PoA KYC documents suggests the use of fabricated documents for obtaining these mobile connections. DoT has issued directives to the TSPs to carry out immediate re-verification of these identified mobile numbers. All TSPs are mandated to ...

Mutual Fund KYC: How to verify status online, fix PAN-MF folio mismatch

Investors with an 'on hold' KYC status will not be able to carry out any transactions in mutual funds

Choose Aadhaar-based KYC: Once done, you may invest across fund houses

Keep Aadhaar, registered mobile number and scanned documents handy before starting online procedure

Fintech players likely to request RBI for a simpler merchant KYC process

It has proposed that payment aggregators will be required to undertake Contact Point Verification (CPV) of entities which involves physical verification of customers