KYC DOCUMENTS
Digital KYC, blockchain-based credit solutions part of RBI’s fifth innovation sandbox
A lot of work is happening to help digitally underwrite customers for credit disbursal. The next generation of innovation is taking place around monitoring these loan accounts.
New bank money transfer rules from November 1, 2024: All you should know
With a focus on banking services and payment systems, the Reserve Bank of India (RBI) recently released a new framework on Domestic Money Transfer (DMT) for regulated enterprises. This framework includes tougher Know Your Customer (KYC) record criteria.
Was PM Kisan instalment amount hiked from Rs 6,000 in Budget 2024?
Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) central government plan, all landholding farmers' families in the country can receive income support to help them fulfill their domestic needs and agriculture needs.
Take KYC seriously: RBI’s clear message to fintechs
RBI has directed fintech startups to adhere strictly to KYC guidelines, over many meetings with industry stakeholders over the past few months. In one of the meetings, top executives of digital lending startups sought some relaxations around KYC requirements, but the RBI remained steadfast in its position, sources told us.
KYC non-negotiable for fintechs; Ola Electric IPO pricing
Happy Wednesday! The central bank has cautioned fintech startups to adhere strictly to know-your-customer (KYC) guidelines. This and more in today’s ETtech Morning Dispatch.
Paytm Bank, auditor lock horns over business viability
Paytm Payments Bank faces audit qualification disputes over viability, seeking RBI intervention. Compliance issues led to operational restrictions, prompting directions to transfer businesses. KYC guideline non-compliance has halted income generation and eroded net worth.
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EPF new rules: EPFO issues SOP on how to freeze, defreeze UAN
In order to detect probable situations of suspicious accounts or transactions where there may be a risk of impersonation or fraudulent withdrawals, multiple stages of verification for MIDs, UANs, and institutions will be carried out as part of the SOP. Here is a look at EPFO's latest SOP freezing and defreezing UANs of EPF subscribers.
NRI KYC for mutual funds: How NRIs can continue investing in mutual fund schemes
NRI Mutual fund KYC rules: The new KYC rules from Sebi have come into effect from April 1, 2024. However, the new KYC rules made it difficult for NRI to invest in mutual fund schemes. A relaxation has been given by Sebi for NRI investors so that they can continue to invest in mutual fund schemes.
Re-KYC update of bank account: How to update KYC of bank account online in HDFC Bank, SBI, Canara Bank, ICICI Bank
How to update KYC details: Re-KYC is a procedure that allows banks and other financial organisations to stay up to date on a customer's most recent contact data and personal details. Here is how you can update your KYC details online for these top banks.
DoT asks telcos to reverify 6.8 lakh suspect mobile connections
The Department of Telecommunications (DoT) is initiating a re-verification process for approximately 6.8 lakh mobile connections suspected of being obtained through forged documents. These connections, flagged by advanced AI-driven analysis, are believed to have used fake or invalid proof of identity and address documents. Telcos have been directed to complete the re-verification within 60 days, with failure resulting in disconnection.
MF investors get KYC relief as Sebi withdraws PAN-Aadhaar link norm
The Securities and Exchange Board of India (Sebi), in a circular on May 14, removed the requirement for investors to link the permanent account number (PAN) with Aadhaar to obtain the 'KYC registered' status for mutual fund transactions. This means all investors can continue putting money into mutual funds without putting up additional documents for the time being.
Sebi eases KYC norms for mutual fund investors
In October, Sebi asked all investors to redo their KYC process after submitting the required documents. The official valid documents were Aadhar, passport, or a voter ID card. Earlier a bank passbook or a bank account statement was considered a valid proof of address to do their KYC.
Punjab National Bank (PNB) to close these bank accounts: Is your account affected? Check here to find out
Punjab National Bank (PNB) has decided to close accounts where there has been no operation by the customer for the last three years and there is no balance in these accounts.
Mutual fund new KYC rules: Aadhaar is a must if you want to invest in multiple mutual fund schemes smoothly
Mutual fund KYC rules from April 1, 2024: To invest in any scheme of any mutual fund house easily, an investor must have KYC Validated status. However, the KYC validated can be achieved only if the KYC documents submitted by an individual can be verified with the source issuing such documents.
M&M Finance defers its Q4 results after unearthing Rs 150-crore fraud
According to the company, the fraud involved the forgery of KYC (know your customer) documents to embezzle company funds.
Mahindra Finance detects about Rs 150 cr fraud in retail vehicle loan portfolio
Mahindra Finance reported a fraud of approximately Rs 150 crore in its retail vehicle loan portfolio at one of its branches in the northeast. The fraud involved forgery of KYC documents and embezzlement of company funds. As a result, the company has deferred its board meeting to approve the financial results for the March quarter and 2023-24. Investigations are ongoing, and corrective actions are being implemented, including the arrest of some individuals involved.
Mutual fund investment frozen for KYC? Know who can do re-KYC online and who has to do it offline
KYC for mutual funds: It is a regulatory requirement that re-KYC be completed by many investors by April 1, 2024. Although the process of completing re-KYC is easy enough, the lack of clarity among investors is causing issues. There are reports of people's KYC getting 'registered' status and not 'validated'. Then there is the issue of using Aadhaar, etc.
Mahindra Finance to delay Q4 results due to detected retail vehicle loan financial fraud
Mahindra Finance Q4 results: A financial fraud has been detected at the North East branch of Mahindra & Mahindra Financial Services during the end of the fourth quarter of the financial year ended March 31, 2024, the company informed the exchange in its filing on Monday.
New insurance rule from April 1: How to open an e-Insurance account, documents required, how to convert
This shift to digitisation is supported by four insurance repositories: CAMS, Karvy, NSDL Database Management (NDML), and the Central Insurance Repository of India.
One Vehicle, One FASTag implemented; 9 important things all FASTag users should know
FASTag KYC: "NHAI has taken this initiative after the recent reports of multiple FASTags being issued for a particular vehicle and FASTags being issued without KYC in violation of RBI’s mandate," stated a PIB release.
Are you required to update your KYC by March 31 for stock and mutual fund investment?
Know Your Customer (KYC): If you have not updated your KYC by March 31, 2024 then your stock broking, demat, mutual fund, derivative, other accounts would be frozen. However as per a new circular dated March 28, 2024 existing investors satisfying a specific criteria need not update their KYC and their account would remain operational.
How to open NRI account in India: List of documents needed to open NRI savings account
NRI savings account: There are two types of NRI Savings Accounts: Non-Resident External (NRE) Savings Account, Non-Resident Ordinary (NRO) Savings Account.
KYC rules to change: Uniform KYC for all — opening bank account to buying insurance to investing in stocks, mutual funds
In its recent meetings, FSDC, chaired by Finance Minister Nirmala Sitharaman, proposed to bring uniform KYC to verify customers, ease inter-usability of KYC records across the financial sector, and simplify the digitalisation of the KYC process. What is uniform KYC? How will uniform KYC ease the process of onboarding? What is going to change for customers? ET Wealth Online explains.
FASTag KYC deadline over; steps to check if your FASTag is still active
FASTag KYC deadline: If your FASTag KYC is not complete there are chances that your FASTag has been deactivated or blacklisted. Note that a vehicle with a 'blacklisted FASTag is not allowed to pay toll using FASTag at the toll plaza.
Banks to bring in extra KYC verification layers
Banks are enhancing their KYC standards by adding extra verification layers to identify accounts and account holders. The plan includes updating existing accounts, especially those with a single phone number linked to multiple or joint accounts, and seeking more verification from individuals with multiple accounts opened using different documents. A committee led by finance secretary TV Somanathan is working to standardise and ensure interoperable KYC norms across the financial sector. The move aims to address concerns about slackened KYC norms by fintech companies, which may increase risks for lenders.
Feb 29 last date to update FASTag KYC; step-by-step guide on how to update FASTag KYC
FASTag KYC updation deadline: The NHAI has taken this action in response to recent reports of the issuance of numerous FASTags for a single vehicle and the issuance of FASTags without KYC, which is against RBI requirement. Here is how to update FASTag KYC.
What is the last date to update FASTag KYC
After completing the KYC procedure, residents will be immediately connected to the One Vehicle, One FASTag initiative.
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