Kyc Norms

The RBI said a statutory inspection of the NBFC (non-banking financial company) was conducted with reference to its financial position as on March 31, 2023, and a notice was issued to the company.

Sebi asks KRAs to update KYC info on the central registry, sets deadline for existing KYC records

The June 6 circular modified the master circular on KYC norms

FATF India review to conclude by June, no major red flags so far

The global anti-money laundering and terrorism financing watchdog will present its evaluation report in in Singapore in June

Sebi issues framework for intermediaries to report demise of an investor

The KRA, on receipt of the information, should also perform an independent validation of the information whenever feasible and alert other linked intermediaries about the update.

RBI fines Amazon Pay India Rs 3.06 crore for not complying with KYC, PPI norms

After considering Amazon Pay (India)'s response to a show cause notice, it was concluded that the charge of non-compliance was "substantiated and warranted imposition of monetary penalty", the RBI said.

Financial sector players demand reduction in GST on term insurance in Budget

Representatives of the financial sector and capital markets also highlighted the need for governance changes in public sector banks (PSBs), with special focus on the PJ Nayak Committee recommendations.

RBI imposes fine on four public sector banks for violating KYC norms

The banking regulator found irregularities in current accounts opened by these banks after receiving a complaint.

RBI imposes Rs 3 crore penalty on Lakshmi Vilas Bank

Reserve Bank today said it has imposed a penalty of Rs 3 crore on Lakshmi Vilas Bank for contravention of instructions on opening and operation of current accounts, among others

RBI imposes penalty on four co-operative banks

RBI said it has imposed a monetary penalty of Rs 5 lakh on The Cooperative City Bank, Guwahati, for flouting KYC norms and non-adherence to requirements relating to identification and reporting of suspicious transactions.

Don't fret over crude prices as of now: Economic Affairs Secy

Shaktikanta Das also spoke on the P-note norms that were tightened by the Sebi on Thursday. He said the market regulator‘s decision follows extensive and detailed consultations with all P-note issuers – about 37 of them.

RBI slaps Rs 50 lk penalty on ICICI Bank, Rs 25 lk on BoB

The Reserve Bank also cautioned SBI, Axis Bank and State Bank of Patiala in the same case. "The RBI has imposed monetary penalty on the two banks for violation of its instructions, among other things, on know your customer/anti money laundering Know Your Customer (KYC) /Anti Money Laundering(AML)," the central bank said in statement.

Sebi inspects brokers on money laundering, terror funding

Stepping up its fight against money laundering and terror funding through capital markets, Sebi inspected more than 200 stock brokers and sub-brokers during the last fiscal to check any possible non-compliance.

Banks should hold camps to open bank accounts: RBI

Deputy governor of the Reserve Bank of India KC Chakrabarty asked the banks to adopt a camp approach to open a large number of accounts to capture everybody's bank account first.

Cobrapost fallout: Govt, RBI looking at hiking penalty

In the wake of alleged violation of KYC norms by a large number of banks, the government and RBI are looking at the possibility of hiking the penalty which can be imposed on the erring banks.

RBI probes Cobrapost report, reveals violations by banks

The Reserve Bank of India is probing the Cobrapost sting operation on alleged money laundering by top banks. The RBI report has revealed major irregularities in top banks.

Banks not carrying out customer due diligence: RBI

In the wake of alleged money laundering cases, the Reserve Bank of India (RBI) investigation observed that banks were not carrying out customer due diligence as required under KYC norms while selling third party products. At the same time, it proposed a set of measures based on the investigation report already submitted.

Opening mkt to QFIs game changer for India: Asit C Mehta

Deena Mehta of Asit C Mehta Investment Intermediates says that the government’s move to open up flows from qualified institutional investors, or QFIs, is a game changer for the Indian equity market.

SEBI working on exit mechanism for non-trading exchanges

From firming up an exit mechanism for non-trading stock exchanges, to plugging gaps in the KYC norms, to reviewing insider-trading rules…SEBI has its hands full.

Looking at ways to incentivise MF distributors: SEBI

UK Sinha, Chairman of the Securities and Exchange Board of India said the mutual fund distribution landscape has undergone a dramatic change in recent times.