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The committee's recommendations include a common KYC form, risk-based graded eKYC norms, and KYC portability, meaning customers will no longer need to undergo the same process multiple times across different financial institutions.
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KYC rejection is one of the most common roadblocks in getting a personal loan approved. Learn the key mistakes to avoid and how to fix them for a smoother loan journey.
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As PM Jan Dhan Yojana (PMJDY) accounts reach their 10-year mark, a fresh KYC update is required to keep these accounts active and compliant. Staying up to date with KYC ensures account security and uninterrupted access to banking benefits.
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With new KYC rules in place for mutual fund investors, understanding your KYC status is essential. Log on to any of the KYC Registration Agencies and find out your status now.
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The order, issued by Sebi on August 30, stated that the brokerage had made these mistakes with records of 1,701 clients.
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KYC is one of the most vital process for financial institutions and businesses to get information like identity, addresses, phone numbers etc. of customers.
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Payment companies are requesting the government to enhance the UPI subsidies to help them grow the digital payments ecosystem
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The proposed agency will enable verification of digital lending apps and maintain a public register of verified apps, sources said.
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Your mutual fund Know Your Customer (KYC) status may show as ‘validated’ or ‘registered’ or 'on hold'. Read on to find out what that means and what action you need to take
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After the 31 March deadline to revalidate one’s KYC expired, a mutual fund investor’s KYC status broadly falls under one of three categories. That determines whether you can continue investing in just your existing funds, or new funds with other AMCs, or you get blocked from all transactions.
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Mutual fund investors no longer need to re-do the KYC for their existing MF investments. Earlier, failure to do so would have blocked them from transactions from April 1, 2024.
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If your mutual fund KYC is not based on an officially valid document as specified by CAMS and KFintech, you will have to re-do your KYC by March 31, 2024. Failure to do this will mean you will not be allowed to do any MF transactions from April 1, 2024.
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Re-KYC refers to a measure taken by banks to ensure that customer documents collected at the time of opening the bank account are up to date.
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The advisory comes in the backdrop of the action by the Reserve Bank of India (RBI) against NBFCs like JM Financials and IIFL Finance.
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Post the regulatory clapmdown on Paytm Payments Bank, several banks have tightened the complaince and due-diligence process on their fintech partnerships to ensure there are no regulatory lapses.
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One of the main outcomes of the meet was that there will be monthly calls between the regulator and fintechs wherein, the latter can seek clarity on any regulations and get feedback.
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The topic of KYC is being widely discussed of late following Reserve Bank of India's clampdown on Paytm Payments Bank over several compliance violations
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The Confederation of All India Traders has asked traders to pick the Unified Payments Interface or payment applications offered by Indian banks instead of going for applications backed by foreign firms
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The I T Department had surveyed the company in December 2023. Officials in Finance Ministry have said the assessment proceedings could begin shortly.
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It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016.
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Bollywood actor Aftab Shivdasani became a victim of cyber fraud and lost Rs 1.50 lakh after he received a text message in which he was asked to update his Know Your Customer (KYC) details
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The Reserve Bank of India (RBI) in January 2023 said that the re-KYC process can be done remotely, but customers complain that many banks are insisting they come to the branch and physically complete their re-KYC.
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As per police data, about 100 vehicles carrying apples were stolen, and over 500 cases of cheating, forgery and non-payment of dues were registered in the past three years in Shimla district.
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In a circular, the Insurance Regulatory and Development Authority of India (Irdai) said presently, the UIDAI framework allows insurance companies to indentify the customer by using his/her Aadhaar with consent management.
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The numbers in March were higher than in February when 2.26 billion authentication transactions were carried out.
