Know Your-customer

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Know Your-customer - Total results - 18
Banks can use Aadhaar for KYC verification with customer's consent: RBI
Business

Banks can use Aadhaar for KYC verification with customer's consent: RBI

Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals

RBI slaps penalties on 7 banks for non-compliance of norms; Rs 1.5 cr imposed on Allahabad Bank, Bank of Maharashtra, IOB
Business

RBI slaps penalties on 7 banks for non-compliance of norms; Rs 1.5 cr imposed on Allahabad Bank, Bank of Maharashtra, IOB

The Reserve Bank further said Rs 20 lakh fine each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance with various directions on KYC norms and anti-money laundering standards.

Stolen cryptocurrencies in 2018 surged to around $1.7 billion in 2018: Report
News & Analysis

Stolen cryptocurrencies in 2018 surged to around $1.7 billion in 2018: Report

$950 million constituted thefts from cryptocurrency exchanges, infrastructure services like wallets.

Digital wallets may become invalid by end-February due to non-compliance with RBI's KYC norms
Business

Digital wallets may become invalid by end-February due to non-compliance with RBI's KYC norms

Since there is no option of e-KYC for digital wallets and the RBI has not said anything clearly about the alternate KYC mechanisms, the firms are now in limbo

RBI imposes Rs 1-cr fine on Bank of Maharashtra for non-compliance of KYC, fraud-classification norms
Business

RBI imposes Rs 1-cr fine on Bank of Maharashtra for non-compliance of KYC, fraud-classification norms

This penalty has been imposed taking into account the failure of the bank to adhere to directions issued by the RBI, the central bank said in a statement.

KYC compliance: Govt to allow directors to submit details with reduced fee for 15 days
Business

KYC compliance: Govt to allow directors to submit details with reduced fee for 15 days

Nearly 21 lakh directors failed to submit the requisite KYC details when the deadline set by the Corporate Affairs Ministry ended on 15 September.

Supreme Court issues notice to Centre and WhatsApp challenging payments service
News & Analysis

Supreme Court issues notice to Centre and WhatsApp challenging payments service

The plea said that Facebook and Google have appointed Grievance Officers, while WhatsApp has not.

Reserve Bank of India orders Paytm Payments Bank to stop onboarding customers: Report
Business

Reserve Bank of India orders Paytm Payments Bank to stop onboarding customers: Report

Paytm was reportedly asked to remove Renu Satti as the chief executive of its payments bank, with the RBI raising objections about her ability to lead a banking services firm.

Blockchain can improve India's trade finance system but must address certain challenges: Report
Business

Blockchain can improve India's trade finance system but must address certain challenges: Report

Banks in India should start conducting proof of concept with blockchain technology to get a deeper understanding of its likely implication in trade and finance.

Now you can link Aadhaar with your PF account via UMANG app using biometric details; read how
Business

Now you can link Aadhaar with your PF account via UMANG app using biometric details; read how

Moving towards Digital India, EPFO has also launched e-nomination facility. This facility is available at Member Interface of EPFO Unified Portal.

Digital wallet payments: RBI's refusal to extend 28 Feb deadline may lead to Rs 12,000 cr loss for sector
Business

Digital wallet payments: RBI's refusal to extend 28 Feb deadline may lead to Rs 12,000 cr loss for sector

The central bank RBI, however, clarified that customers who have balances in such wallets or PPIs need not worry about their money

WhatsApp Payments: Messaging app may turn heat on mobile wallet players, but game has shifted to value-added deals
Business

WhatsApp Payments: Messaging app may turn heat on mobile wallet players, but game has shifted to value-added deals

What Facebook-controlled WhatsApp can do, however, is to possibly look deeper into your behaviour than other mobile wallet players like MobiKwik, PayTm etc

Union Home Minister asks for expedite examination of measures to curb financial frauds through cybercrime
News & Analysis

Union Home Minister asks for expedite examination of measures to curb financial frauds through cybercrime

Rajnath Singh was told about measures taken by the Jharkhand Police to crack down on perpetrators of phone frauds, which had resulted in considerable fall in such crime.

Freecharge teams up with Reliance Mutual Funds to allow access to mutual funds
News & Analysis

Freecharge teams up with Reliance Mutual Funds to allow access to mutual funds

Digital payments platform FreeCharge and Reliance Mutual Funds on Wednesday teamed up to offer paperless access to mutual funds with instant redemptions and zero charges.

Changing the KYC: From Kick Your Customer to Know Your Customer?
Investing

Changing the KYC: From Kick Your Customer to Know Your Customer?

The RBI should require a strong Proof of Identity (POI) for each and every customer and a documentary proof of one national address but waive the requirement of documentary proof for the current address, for the purpose of opening a full service bank account,"a report states.

Between KYC, Aadhaar and CMS, India will be a police state
India

Between KYC, Aadhaar and CMS, India will be a police state

The government is rapidly creating the means through which its citizens will become completely defenceless against an all-knowing, all-intrusive state.

The Future Of "Knowing Your Customer" In Banking
Biztech

The Future Of "Knowing Your Customer" In Banking

With KYC gaining traction, banks must maximise the value and utility of the data and processes that they already have, says Ovum.

Now, Sebi wants uniform KYC norms for all
Business

Now, Sebi wants uniform KYC norms for all

The Securities and Exchange Board of India (Sebi) seems eager to spearhead a big change for the financial sector as it seeks implementation of uniform Know Your Customer norms.