Page 3 - Kyc Norms

Centre makes registration mandatory for SIM card dealers: Details here

The ministry of communications has introduced reforms aimed at safeguarding the telecom ecosystem and enhancing customer protection

Police verification of SIM dealers mandatory to curb frauds: Vaishnaw

The government has made police verification of SIM card dealers mandatory and discontinued the provision of bulk connections to curb fraudulent activities, Union minister Ashwini Vaishnaw said on Thursday. The minister said that the government has disconnected 52 lakh mobile connections. While 67,000 dealers have been blacklisted, 300 FIRs have been filed against SIM card dealers since May 2023. The minister said WhatsApp on its own blocked around 66,000 accounts that were involved in fraudulent activities. "Now we have made police verification of SIM dealers mandatory to curb frauds. Penalty of Rs 10 lakh will be imposed on dealers found violating norms," Vaishnaw said. He said that there are 10 lakh SIM dealers and they will be given sufficient time for police verification. The minister said that the Department of Telecommunications has also discontinued the provision of bulk connections and instead a new concept of business connection will be introduced. "Besides, KYC of ...

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

Manipur violence: What are RBI's riot relief measures invoked by the state?

The rules under these measures specify several norms that must be followed for restructuring the loans, providing fresh loans and other measures, including KYC norms

Illegal freezing of bank accounts

Unilaterally freezing an account has a series of consequences on standing instructions, for loan repayments, credit-card payments

Brokers body seeks three-month extension from Sebi for KYC validation

The Sebi circular had given KYC Registration Agencies (KRAs) a timeline of 180 days, ending on April 30, 2023, to validate client KYCs

High-balance bank accounts without updated KYC under govt's radar

The RBI has instructed banks to finish updating KYC on a recurring basis for all customers with active accounts by June 2023, an official said

Centre may announce Aadhaar-based KYC norms for small savings schemes

The simplified KYC, along with small savings rates for the April-June 2023 quarter, may be announced on March 31, the official said

Paytm Wallet now universally acceptable on all UPI QRs, online merchants

Homegrown Paytm Payments Bank, the largest issuer of KYC wallets (prepaid instruments) with over 100 million users, on Monday announced that its full KYC wallet customers will be able to make payments

RBI fines Amazon Pay (India) Rs 3 cr for not complying with PPI & KYC norms

Ola Financial Services, Obopay Mobile and Manapurram Finance other entities

Finance ministry pulls up PSBs over mis-selling of insurance products

Banks have been advised to ensure '100 per cent' compliance of know your customer (KYC) guidelines while sourcing insurance business

A step-to-step guide to transferring Amazon Pay balance to bank account

Note, however, that you can only do this if you have completed your KYC

Working to implement common KYC for financial transactions: FM Sitharaman

Says developed nations haven't done their bit on climate change

How to check your bank balance using Aadhaar card: A step-by-step guide

Aadhaar is a 12-digit unique identity number provided by the UIDAI to the residents of India after a certain verification process

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

KYC mandatory: What you must know about new rules for MF investments

Brokers will not be allowed to accumulate investors' funds; investors have to verify their personal details online

KYC norms likely for online skill gamers to curb money laundering

If platforms facilitating online gaming with stakes are brought within the PMLA's purview, such companies would have to follow the know your customer (KYC) norms while onboarding users

What is KYC and why is it mandatory to avail many financial services?

The RBI imposed a fine of Rs 93 lakh on a major private lender last week for rules violations -- including that of Know Your Customer or KYC. But what is KYC? Here is some insight

Monetary policy: RBI to revisit KYC rules after digital lending fraud

RBI Governor Shaktikanta Das said the RBI actions on KYC rules have to be in consonance with the Prevention of Money Laundering Act (PMLA)

KYC challenge for financial institutions

Months after Paytm IPO shook investors' confidence, a recent audit shook RBI's trust in its implementation of 'know your customer' norms. But are all financial institutions adhering to these norms?