Page 2 - Kyc

Sebi working to set up centralised KYC system: Tuhin Kanta Pandey

Markets regulator Sebi is actively working with the Ministry of Finance and other financial regulators on setting up a centralised KYC (Know Your Customer) system, chairman Tuhin Kanta Pandey has said. The Central KYC is an online database that maintains KYC records of customers in a centralised manner, aiming to streamline compliance across financial institutions. When asked about the common KYC system, Pandey told PTI, "Yes, I think we will move forward on that also. We're really trying to have a system which will be very, very effective." He added that the finance secretary is chairing the committee responsible for this initiative, and efforts are underway to expedite the process. While no definitive timeline was shared, Pandey expressed optimism, saying, "It should be done quite early." To illustrate the effectiveness of current systems, he cited the robust KRA (KYC Registration Agency) system. "This system is right now very effective where you do one KYC and then, everywhere

Digital access is a right: SC directs KYC changes for disabled persons

It also directed different ministries to ask all regulating authorities, government or private, to follow accessibility standards as prescribed from time to time

'Digital access is a right': SC directs KYC changes for disabled persons

The Supreme Court says digital access is a fundamental right under Article 21; issues 20 directions to make KYC accessible for visually impaired persons and acid attack survivors

Sebi proposes framework for winding down of KYC registration agencies

In a consultation paper, Sebi emphasised that the framework must guarantee uninterrupted services, protection of investor KYC data, and the fulfilment of statutory and contractual obligations

India Post launches KYC verification for mutual funds at your doorstep

KYC compliance is mandatory for investing in mutual funds. Without completing this process, investors cannot participate in mutual fund schemes offered by any fund house

The UPI of 2016 and today are completely different: NPCI MD & CEO Asbe

The primary focus remains on growing UPI, which has 10X growth potential. Currently, 400 to 450 million users use it monthly, it has the potential to grow to over 1 billion, said Dilip Asbe, MD, NPCI

Govt recovers Rs 416 cr from ineligible farmers under PM-KISAN: Centre

Chouhan, in a written reply, said the central government has disbursed over Rs 3.68 trillion to farmers in 19 installments since inception

PNB asks customers to update KYC by April 10 to avoid account restrictions

Update can be done by visiting PNB branches, using the PNB ONE mobile app, internet banking services

Feb records 2.25 bn Aadhaar authentications, 430 mn e-KYC transactions

The increasing adoption of Aadhaar-based verification underlines its growing role in banking, finance, and other sectors, making processes more seamless, secure, and efficient

PNB urges customers to update KYC by March 26 to avoid account restrictions

The KYC update can be done by visiting PNB branch, using the PNB ONE mobile app, Internet Banking Services (IBS), or sending the required documents via registered email or post to their base branch

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

Budget 2025 announces revamped Central KYC registry for better data privacy

Step will help compliance measures covering Aadhaar, PAN card, voter identity

Fighting digital fraud: From KYC processes to advanced authentication

To prevent fraud, we need better know-your-customer (KYC) processes

EPFO set to introduce self-attestation facility for completing KYC

KYC is a one-time process that helps in the identity verification of subscribers by linking the universal account number (UAN) with KYC details

Sebi clarifies norms on transfer of shareholding in registered entities

Transfer of shareholding by way of transmission to an immediate relative will not result in a change in control

Finance sector deadline for 'masking' KYC documents extended till Jan 20

Once security measure is enforced, registered reporting entities will only be able to view the last four digits of KYC identifiers such as Aadhaar, PAN, Voter ID, driving licence

SBI launches nation-wide drive for activation of inoperative accounts

State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement. SBI chairman C S Setty emphasised the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly. He urged upon Business Correspondents to harness the technology to bridge the gap and reach the last-mile customer, thereby enhancing customer experience.

Bengaluru man nabbed: ED busts Rs 10 cr scam involving fake PANs, tax fraud

Using Aadhar and PAN data from property records, he forged documents to open bank accounts in the names of his targets, specifically choosing banks with lax KYC requirements.

CAD is manageable as India is doing well in services exports: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said that India's current account deficit (CAD) is manageable as it is doing well in services exports. He said that the import numbers of the country are correlated with exports as much of the imported goods are shipped back after value addition. "Our services exports are significant. It is an increasingly growing surplus. So if I have a trade deficit of USD 250-300 billion, almost USD 175-200 billion get made up by services exports. So the net CAD is still in the one per cent of GDP category, which I do not think is a matter of serious enough to be concerned about," he said at an event here. The country's CAD widened marginally to USD 9.7 billion or 1.1 per cent of the GDP in April-June 2024 against USD 8.9 billion or 1 per cent in the year-ago period. A current account deficit occurs when the value of goods and services imported and other payments exceed the value of the export of goods and services and other receipts by a ..

RBI: Customers can submit online self-declaration for Re-KYC if no changes

Banks are advised to enable self-declaration for customers via non-face-to-face channels like registered email, mobile, ATMs, online/mobile banking, and letters, removing the need to visit branches