Know Your Customer (kyc)

The RBI said it has noted a significant backlog in periodic KYC updates, including in accounts opened for receiving Direct Benefit Transfers or Electronic Benefit Transfers for various government schemes.

From mutual fund info validation to opening e-insurance accounts, here are seven key financial changes this April

Also brace for rise in debit card fees and scaled down credit card reward points next month.

CERSAI to rebuild KYC repository; citizens to be allowed to access details, flag identity frauds

CERSAI, a government body under RBI, is seeking an IT company to rebuild and upgrade the CKYCRR system to flag frauds and alert citizens about KYC access.

Don't complicate regulation of digital finance apps

It is imperative for regulatory authorities to refrain from broad categorisation of all digital lenders as predatory entities, solely on account of the actions of a few ill-intentioned actors or the worrisome inability to curtail their behaviour 

RBI asks banks to adopt risk-based approach for KYC

After a review, the central bank has made amendments to the Master Direction (MD) on Know Your Customer (KYC).

RBI panel proposes measures to improve customer services at banks

The committee had come across several cases of hardship faced by nominees / legal heirs while closing the accounts held by deceased deposit holders of banks. So, the BP Kanungo committee has recommended hassle-free settlement of claims in accounts of the deceased account holders.

Industrial Bank of Korea to pay Rs 36 lakh in fine to RBI for non-compliance

A penalty of Rs 36 lakh has been imposed on Industrial Bank of Korea for non-compliance with certain Know Your Customer (KYC) norms, the central bank said in a statement on Friday.

RBI imposes monetary penalty on Pune People’s Co-operative Bank

The penalty of Rupees two lakh has been imposed for violation of certain norms related to ‘Know Your Customers’, said the RBI.

Irdai permits insurers to conduct video-based KYC

Insurers may undertake live VBIP by developing an application, which will facilitate the KYC process either online or face-to-face in-person verification through video, the regulator said.

Paytm issues clarification, says postpaid service is 'active and operational'

The company clarified that users who had completed their KYC were already able to avail the service.

Jan Dhan accounts more vulnerable to frauds: RBI

Raising concerns that Jan Dhan accounts can be misused by 'money mules', RBI warned they are "very vulnerable" to frauds and asked banks to be on guard against such activities

P-Note: New rules of the game decoded

CNBC-TV18‘s Latha Venkatesh decodes the impact of the tighter P-Note norms on the market.

Will tweak KYC norms if required: KC Chakrabarty

RBI Deputy Governor KC Chakrabarty today said the central bank can introduce some corrective measures in KYC norms as and when necessary to check any "transaction-level aberrations" in the functioning of banks.

Budget Analysis: Mixed sentiment for insurance companies

The insurance sector seems to have mixed feelings for Budget 2013. While the opening up of the bank insurance route has been hailed as a key reform. The lack of additional tax concessions has disappointed insurers.