Know Your Customer

Sebi proposes allowing all KYC agencies to act as accreditation bodies

Markets regulator Sebi on Wednesday proposed that all KYC registration agencies should be eligible to function as accreditation agencies, which is currently restricted to subsidiaries of stock exchanges and depositories. Additionally, it has been proposed to facilitate the onboarding of accredited investors based on first-level due diligence by the manager of an AIF. The Securities and Exchange Board of India (Sebi) has sought public comments till July 8 on the proposals. In its consultation paper, Sebi has proposed that "eligibility criteria for accreditation agencies may be expanded such that all KRAs (KYC registration agencies) are eligible to function as accreditation agencies, as against only the subsidiaries of stock exchange and depositories as per current eligibility". Under the current regulatory framework, only subsidiaries of stock exchanges (with certain conditions) and depositories are eligible to become an accreditation agency. Presently, there are two accreditation .

RBI allows KYC updation for low-risk customers till 30 June 2026

Allows Business Correspondents to assist in KYC updation, reactivation of inoperative accounts under extended compliance timeline

Sebi comes out with 'investor charter' for KYC registration agencies

Markets regulator Sebi on Tuesday said it has developed an 'investor charter' for KRAs detailing the services provided to investors along with their rights and grievance redressal mechanism. Additionally, the investor charter would provide details about activities of KRAs as well as dos and don'ts for investors. This charter is aimed at facilitating investor awareness about various activities where an investor/client has to deal with KYC (Know Your Client) Registration Agencies (KRAs) for availing investor service requests. In its circular, Sebi asked registered KRAs to bring the investor charter to the notice of existing and new investors by putting it on their websites and displaying it at prominent places in offices. With regard to services provided by KRAs to investors, Sebi said a KRA facilitates registration and modification of KYC records of investors in the securities market through registered-intermediaries, ensuring verification and validation of the investor's identity.

Avoid calling customers repeatedly to submit KYC docs: RBI Governor

Malhotra rued that most banks and NBFCs have not enabled their branches or offices to access information from the central database due to which customers have to face the avoidable inconvenience

AI-powered Central KYC announced in Budget 2025: Here are key upgrades

The revamped Central KYC aims to simplify and standardise KYC procedures across the financial sector, ensuring greater security and efficiency

Govt asks banks to do fresh KYC of PM Jan Dhan accounts due for updation

Financial Services Secretary M Nagaraju on Monday asked banks to carry out fresh KYC (know your customer) process for Jan Dhan accounts which are due for updation. The PMJDY was launched in 2014 and approximately 10.5 crore PMJDY accounts were opened in mission mode during the period from August, 2014 to December 2014. These PMJDY accounts are becoming due for periodic updation or re-KYC now after 10 years. Nagaraju chaired a meeting with all stakeholders for carrying out fresh Know Your Customer (re-KYC) process for the Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders, the finance ministry said in a statement. During the meeting, Nagaraju suggested using all means for doing re-KYC -- such as fingerprints, face recognition, taking declarations where no change in KYC documents occurred -- through all channels like ATM, mobile banking, internet banking, and other available digital channels. Banks should also look forward to implement best practices adopted by other peer banks,

Fintech players likely to request RBI for a simpler merchant KYC process

It has proposed that payment aggregators will be required to undertake Contact Point Verification (CPV) of entities which involves physical verification of customers

Over 73% of KYC records validated, systems in place for remaining: KRAs

15% under KYC Registered status, 12% on hold as of March 31

Simpl expands partnership with Zomato to enhance convenience for customers

Expansion is to address the growing number of consumers seeking checkout convenience. Simpl has recorded over 100 million checkouts during 2017-2023 on Zomato

FASTag KYC last date today: Check how to update and documents required here

NHAI is likely to extend the 'One Vehicle, One FASTag' initiative compliance deadline to March-end

What makes Indian fintech fast and furious, but also a little fraudulent?

Know-your-customer, or KYC, regulations aren't easy anywhere. But fintech adoption in India has done more than just open the floodgates to financial inclusion

FASTag KYC update 2024: Things to know about documents needed for KYC

FASTag KYC online: For those customers who fail to complete the KYC today, their FASTags will become inoperative

SBI-backed payment aggregator Cashfree unveils first no-code KYC link

KYC Link facilitates easy verification through SMS, email, or WhatsApp.

Crypto exchange KuCoin to make KYC compulsory for all users from July 15

The users will also not be able to deposit more money for investment in their wallets but the withdrawals will remain unaffected

Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU

As per the Prevention of Money Laundering Act (PMLA), 2002, a reporting entity is required to conduct KYC verification of the customers and maintain their records

PM KISAN Yojana: List of documents required to receive the 12th installment

To avail of the benefits under PM KISAN Yojana, the farmer family must present the required documents before the state government

PM Kisan Yojana: How to know your registration number to avail of benefits

Under PM KISAN Yojana, the payment is done in the form of three equal installments of Rs 2,000 each. But to avail of the benefits, the farmers need to get themselves registered under the scheme

India's crypto exchanges flouted KYC, money laundering norms: ED

The latest findings by the federal agency have come to light during its ongoing probe into forex violation by at least 11 crypto exchanges

We ensure that crypto transactions are in the KYC framework: CoinSwitch CEO

Crypto will pave the way for Web 3.0, a new internet that is open and shared, says CoinSwitch CEO Ashish Singhal

RBI imposes Rs 1.12 cr penalty on Bank of Maharashtra for non-compliance

Separately, the central bank has imposed a penalty of Rs 25 lakh on The Haryana State Co-operative Apex Bank, Chandigarh for contraventions with RBI directions on housing finance