KYC

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

Over 73% of KYC records validated, systems in place for remaining: KRAs

15% under KYC Registered status, 12% on hold as of March 31

What is video KYC, and how does it work?

Video-based KYC is a digital method used by financial institutions to authenticate their customer's identities via video calls.

One Vehicle, One FASTag enforced: Here's what all users must know

NHAI's decision to implement the 'One Vehicle, One FASTag' policy stems from concerns over the misuse of FASTags

Uniform KYC: How system will help citizens, financial institutions

Uniform KYC can reduce the burden of repeated KYC processes for the customer or the organisation

Give top priority to regulatory concerns, redressal: FIDC to member firms

FIDC said adherence to all applicable laws and regulations at all times is a sine qua non. Specifically, norms relating to Know Your Customer (KYC) and Anti Money Laundering (AML) should be followed

Keep records, communicate: Dealing with unclaimed insurance policies

In numerous instances, members are unaware of the policy's existence, let alone its details

Identity platform IDfy secures $27 million, plans to further Asia footprint

IDfy said the funds will boost their expansion plans and product development, enabling them to serve even more businesses