Page 3 - Kyc

RBI urges public to be cautious of fraud in the name of KYC update

The regulator asked customers to lodge a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or through the cybercrime helpline (1930) in case of financial cyber frauds

Do not share documents with unknown entities for KYC updation: RBI

The Reserve Bank of India on Friday cautioned the public against fraud in the name of KYC updation and advised not to share documents with unknown entities. In the wake of continuing incidents and reports of customers falling prey to frauds being perpetrated in the name of KYC updation, RBI urged the members of the public to exercise caution and due care to prevent loss and safeguard themselves from such malicious practices. In past also the central bank has cautioned the public regarding such frauds. "Do not share KYC documents or copies of KYC documents with unknown or unidentified individuals or organizations," it said. Also, do not share account login credentials, card information, PINs, passwords, OTPs with anyone, the RBI added. "The modus operandi for such frauds usually involves customers receiving unsolicited communications, including phone calls/SMS/emails, through which they are manipulated into revealing personal information, account/login details, or installing ...

FASTag KYC update 2024: Things to know about documents needed for KYC

FASTag KYC online: For those customers who fail to complete the KYC today, their FASTags will become inoperative

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

FASTags with incomplete KYC to be deactivated post Jan 31, says NHAI

State-owned NHAI on Monday said FASTags with valid balance but with incomplete KYC will get deactivated by banks post January 31, 2024. To enhance efficiency of electronic toll collection system and provide seamless movement at toll plazas, NHAI has taken 'One Vehicle, One FASTag' initiative that aims to discourage use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle, a company statement said. NHAI is also encouraging FASTag users to complete 'Know Your Customer' (KYC) process of their latest FASTag by updating KYC as per RBI guidelines,it added. To avoid inconvenience, the statement said users must ensure that KYC of their latest FASTag is completed. It added that FASTag users must also comply with 'One Vehicle, One FASTag' and discard all the earlier issued FASTags through their respective banks. "Only the latest FASTag account shall remain active as previous tags will be deactivated/blacklisted after 31st January 2024," the statement ..

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 .

RBI asks banks not to classify zero balance account as inoperative

An account which has not been operated for two years is classified as inoperative accounts. RBI said that customers have to submit KYC documents afresh for reactivating the account

Loan disbursements by FACE-fintech companies jump 43% in Q2: Report

These companies disbursed around 24.4 million loans in Q2 FY24, marking a 39 per cent Y-o-Y growth in volume from 17.5 million loans in Q2 FY23

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

28 crypto, VDA platforms register with FIU-India to comply with PMLA norms

As many as 28 Virtual Digital Assets (VDA) service providers, including WazirX, Coin DCX and Coinswitch, have registered themselves with the Financial Intelligence Unit-India (FIU-IND), Finance Ministry said on Monday. The Finance Ministry in March had said entities dealing in VDAs, crypto exchanges and intermediaries would be considered "reporting entity" under the Prevention of money laundering Act (PMLA). Accordingly, crypto exchanges and intermediaries dealing with VDAs were required to perform KYC of their clients and users of the platform. To a question on whether these guidelines and reporting requirements are applicable to Offshore Crypto Exchanges servicing the Indian market, Minister of State for Finance Pankaj Chaudhary replied in the affirmative. "The guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian Market. The process of registration for the said VDA service providers has been initiated," Chaudhary said in the Lok .

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

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

Sebi eases rule for physical securities' holders without PAN, KYC details

Capital markets regulator Sebi on Friday decided to do away with the provision of requiring the freezing of folios without PAN, KYC details and nomination for all holders of physical securities. The move, aimed at simplifying the rule, will come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said in a circular. The decision has been taken after receiving feedback from the Registrars' Association of India and investors. Under the rule, it was mandatory for all holders of physical securities in listed companies to furnish PAN, nomination, contact details, bank account details and specimen signature for their corresponding folio numbers. The folios wherein any one of such documents are not available on or after October 1, 2023, is required to be frozen by the Registrars to an Issue and Share Transfer Agents (RTA), Sebi said in May. Amending the circular issued in May, Sebi said that reference to the term 'freezing/ frozen' has been deleted. "Base

RBI imposes penalty on Axis Bank, Manappuram Finance for violating norms

The central bank imposed a monetary penalty of Rs 42.78 lakh on Manappuram Finance on account of failing to adhere to certain regulations

Adopt risk-based approach for periodic updation of KYC: RBI asks banks

The Reserve Bank on Tuesday tightened the customer due diligence (CDD) norms by asking banks and regulated entities to adopt a risk-based approach for periodic updation of KYC. After a review, the central bank has made amendments to the Master Direction (MD) on Know Your Customer (KYC). Regulated Entities (REs) have to undertake customer due diligence (CDD) as per the process for their customers. The amendments follow the latest government instructions related to the Prevention of Money-Laundering Rules, Unlawful Activities (Prevention) Act (UAPA), and Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act. The Reserve Bank said it has also updated certain instructions in accordance with the FATF recommendations. The latest Master Directions said the risk-based approach for periodic updation of KYC has been amended to be read as: "REs shall adopt a risk-based approach for periodic updation of KYC ensuring that the information or data collec

RBI revises its KYC rules to strengthen money laundering prevention

The revised norms clarify the standing of principal officers (PO) in regulated entities (RE) who are responsible for furnishing information

Centralised reporting makes claiming shares after investor's death easier

Procedure applies only to Sebi-regulated investments, not to bank accounts, insurance policies, other assets

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

Only GPS-enabled vehicle for inter-state apple transport, KYC to be checked

Only GPS-enabled vehicles will be registered for the inter-state transportation of apples and KYCs of dubious merchants would be scrutinised, police officials here said on Wednesday. As per police data, about 100 vehicles carrying apples were stolen, and over 500 cases of cheating, forgery and non-payment of dues were registered in the past three years in Shimla district. "To curb such instances, only GPS-enabled vehicles will be registered for the inter-state transportation in Shimla district and the police will keep access of these GPS devices," SP Shimla Sanjeev Kumar Gandhi told PTI. This will help in tracing stolen vehicles and vehicles diverted from their expected routes, he said. Himachal Pradesh has a Rs 5,000 crore economy related to apple production and sales, and the peak season for the fruit begins in mid-July and lasts till October-end. Some varieties start hitting the market by June-end, while apples from higher reaches and tribal areas continues till October-end. The

Loan closure to KYC norms: What RBI panel's suggestions mean for you

Proposals will improve banking for customers; make lenders be mindful of how they sell products

Visits to banks, physical presentation of documents can be avoided: Report

The report also suggested that REs may adopt Faceless / Straight Through Processes' (STPs) in order to close accounts, and/or accept, acknowledge, and track the communication by the customer