Know Your Customer

The modus operandi of the fraudsters hinges on exploiting this sense of urgency and fear, coercing unsuspecting individuals into divulging sensitive personal information or login credentials, says Kaushal Sampat, Founder of Rubix Data Sciences.

Customers with some banks complain of issues concerning re-KYC

Some customers were told to visit branches to redo their know-your-customer formalities despite the digital re-KYC mandate by the Reserve Bank of India. Others faced technical glitches on websites and mobile applications

IndiaTech writes to Finance Minister, seeks clarity on crypto tax rules in Budget

The forum also urged the finance minister to grant cryptocurrencies recognition as digital assets, and not as currencies. Currently, there is no certainty as to how cryptocurrencies are taxed in India, mainly because of confusion on whether they should be treated as currencies, securities, or some other type of asset.

RBI extends CKYCR to legal entities

Regulated entities (REs) have already been uploading the KYC data pertaining to all individual accounts opened on or after January 1, 2017, onto CKYCR in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.

Govt eases norms for opening bank account for migrants with Aadhaar KYC

The Department of Revenue on November 14 said its notification is with regard to easing of Aadhaar KYC use for opening of the bank account for the convenience of people who often migrate from place to place for jobs or any other reason.

Relief to e-wallets: RBI extends KYC compliance norms by six months

PPIs are instruments that facilitate purchase of goods and services, including financial services and remittance facilities, against the value stored on such instruments.

Taxmen seek details on possible misuse of P-notes

The Income Tax department's international arm is seeking details of end-beneficiary subscribers of participatory notes (P-notes) from some leading offshore derivative instrument (ODI) issuers in the country.

You may soon have to quote PAN, Aadhaar on gold buys over Rs 50k

Currently, customers are required to undergo the know-your-customer compliance for any bullion or jewellery purchases over Rs 2 lakh.

RBI asks banks to upload KYC with central registry from Jan 1

Reserve Bank today directed all banks to upload the Know Your Customer (KYC) data pertaining to new individual accounts opened after January 1, with Central KYC Records Registry.

Rs 2,335 cr penalty on telcos for violating KYC norms

Over 5 per cent of 7.84 crore Customer Acquisition Forms were found non-compliant during verification process as on September 2016, and a penalty of Rs 2,335.9 crore was imposed on erring telecom operators for violating verification norms, Parliament was informed today.

RBI imposes Rs 2-crore penalty on HDFC Bank

The RBI has also slapped a fine of Rs 5 crore on Bank of Baroda (BoB) over Rs 6,100-crore scandal exposed last year.

Budget 2016: Time to make Digital Cash play game changer for Digital India

The government has undertaken multiple initiatives to drive digital cash usage within the economy. Upcoming Union Budget 2016 should spell out some incentives for digital cash.

RBI imposes Rs 1 crore penalty on Dhanlaxmi Bank

RBI had issued a Show Cause Notice to the bank for not complying with KYC and AML guidelines "in respect of a current account under investigation" of the Economic Offences Wing (EOW), Mumbai.

Redflag multiple forex transactions: CVC to RBI, IBA

At present, an alert is generated only when foreign exchange (forex) remittance is over one lakh dollars.

RBI increases cap on rupee drawing arrangements 3 times

The Reserve Bank today increased the cap on rupee drawing arrangements in trade-related remittances by three times to Rs 15,00,000 per transaction, with immediate effect.

RBI imposes Rs 5L fine on 16 banks for violation of norms

The lenders were issued show-cause notices and the action was taken after going through the responses, the RBI said in a notification.

RBI refuses to share inspection reports with intel agencies

At the meeting, it was highlighted by the CEIB chief that while initially RBI had agreed to share the extracts of inspection reports with it but, later on, they changed their stand.

RBI relaxes KYC norms for UCBs to cater to foreign students

The Reserve Bank, on Tuesday, relaxed some norms of know your customer (KYC) for helping foreign students studying in the country to open bank accounts.

RBI relaxes KYC norms for UCBs to cater to foreign students

The Reserve Bank, on Tuesday, relaxed some norms of know your customer (KYC) for helping foreign students studying in the country to open bank accounts.

Cobrapost effect: RBI penalizes six more banks

The Reserve Bank of India (RBI) on Friday imposed penalty of Rs 50 lakh to 2 crore on six more state-owned banks for violation of Know Your Customer (KYC) and anti-money laundering (ALM) norms. Those public sector lenders included Allahabad Bank, Bank of Maharashtra, Corporation Bank, Dena Bank, IDBI Bank, and Indian Bank.

Here's what to expect from Axis Bank Q1 earnings

India's third largest private sector lender Axis Bank's first quarter (April-June) net profit is expected to rise 21 percent year-on-year to Rs 1,398 crore. Net interest income (NII or the difference between interest earned and paid out), may grow 26 percent to Rs 2,744, according to an average of poll estimate.

Here's how banks violated RBI norms on KYC

Banks got a rebuff from the Reserve Bank of India (RBI). The central bank on Monday imposed nearly Rs 50 crore fines on 22 banks while warning seven other banks for violating Know Your Customer (KYC) or Anti-Money Laundering (ALM). A brief synopsis as to why RBI imposed such fine....

RBI revises bank KYC guidelines, advises new set of norms

The Reserve Bank of India (RBI) on Monday issued the master circular revising certain guidelines related to bank Know Your Customer (KYC) policy. It suggested to create Unique Customers Identification Code (UCIC) while bringing changes in new account opening process.

Cobrapost 2: FinMin calls for action, banks to investigate

The second round of Cobrapost sting operation evoked immediate responses across the spectrum. Rajiv Takru secretary at the Department of Financial Services asked all state owned banks and the Life Insurance Corporation (LIC) of India to initiate actions. Banks /institutions have started internal investigation.

Demand momentum positive; need clarity on KYC norms: Titan

Jewellery volumes have picked up post the recent fall in gold prices, but new government norms like know your customer details could weigh on volumes in the near-term, Bhaskar Bhat, MD, Titan Industries, said on Thursday.