Page 2 - Kyc

Reduce unclaimed assets: FM Sitharaman to financial sector regulators

At the 29th FSDC meeting, FM Nirmala Sitharaman pushed for swift return of unclaimed financial assets and called for simplified, unified KYC norms across all sectors

FM asks regulators to expedite refund on unclaimed deposits, streamline KYC

Finance Minister Nirmala Sitharaman on Tuesday asked regulators and departments to expedite the refund of unclaimed deposits to rightful owners and streamline the KYC process. Chairing the 29th meeting of the Financial Stability and Development Council (FSDC) here, she emphasised that interest of common citizens to be kept in mind and expeditiously refund the claims of the rightful claimants. She exhorted the Council to take proactive steps to ensure that citizens should have a seamless experience with respect to KYC processes across the financial sector, the finance ministry said in a statement. There is a need for common KYC norms, simplification and digitalisation of the KYC process including digital onboarding for Non-Resident Indians (NRIs) including PIOs and OCIs, in the Indian securities market. The minister urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level camps. This drive is to

Banks must offer KYC update to reactivate inactive accounts: RBI draft

RBI's draft proposes KYC updates at all bank branches and via video to ease activation of inoperative or unclaimed accounts and reduce dormant deposit numbers

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.