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
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.
$950 million constituted thefts from cryptocurrency exchanges, infrastructure services like wallets.
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
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.
Nearly 21 lakh directors failed to submit the requisite KYC details when the deadline set by the Corporate Affairs Ministry ended on 15 September.
The plea said that Facebook and Google have appointed Grievance Officers, while WhatsApp has not.
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.
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.
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
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
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
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.
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.
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.
The government is rapidly creating the means through which its citizens will become completely defenceless against an all-knowing, all-intrusive state.
With KYC gaining traction, banks must maximise the value and utility of the data and processes that they already have, says Ovum.