Page 4 - Kyc

One Vehicle, One FASTag enforced: Here's what all users must know

NHAI's decision to implement the 'One Vehicle, One FASTag' policy stems from concerns over the misuse of FASTags

Uniform KYC: How system will help citizens, financial institutions

Uniform KYC can reduce the burden of repeated KYC processes for the customer or the organisation

Give top priority to regulatory concerns, redressal: FIDC to member firms

FIDC said adherence to all applicable laws and regulations at all times is a sine qua non. Specifically, norms relating to Know Your Customer (KYC) and Anti Money Laundering (AML) should be followed

Keep records, communicate: Dealing with unclaimed insurance policies

In numerous instances, members are unaware of the policy's existence, let alone its details

Identity platform IDfy secures $27 million, plans to further Asia footprint

IDfy said the funds will boost their expansion plans and product development, enabling them to serve even more businesses

More than 2,500 fraud connections being cut daily, say DoT officials

DoT working on grievance redress portal

Indian banks to enhance KYC standards with multi-level verification

Currently, passport, Aadhaar, voter card, NREGA card, PAN card, or driving licence are accepted as valid means to open a bank account

Opt for loan apps that have partnered reputable regulated entities

The app must be featured on that entity's website and in RBI's whitelist

Meeting with FM 'consultative' and 'positive': fintech, startup executives

The finance minister added that companies must ensure strict compliance and adherence with regulations

Govt forms panel headed by T V Somanathan to finalise uniform KYC norms

"The committee has been constituted. Different government departments and FSDC members are part of it," a senior official said

Govt may look at enhanced KYC requirements for certain class of corporates

The government might look at enhancing the scrutiny of certain class of corporates, including in terms of KYC requirements, as efforts continue to weed out unscrupulous elements and curb possible misdoings, according to a senior official. The matters related to KYC (Know Your Customer), including a simplified and uniform system, are still under discussion, and a committee headed by the finance secretary is looking into various aspects. The senior official on Monday said that various aspects related to having a uniform KYC are being discussed and in the case of the corporate affairs ministry, Permanent Account Number (PAN) is being used for KYC requirements. The ministry is implementing the companies law and Limited Liability Partnership (LLP) Act, among other legislations. Further, the official said enhanced KYC requirements might be explored for certain class of corporates. As many as 26,28,865 companies were registered in the country as on January 31, 2024, and out of the total,

RBI allows banks, non-banks to issue PPIs for public transport systems

The regulator amended guidelines for prepaid payment instruments for mass transit systems (PPI-MTS). It said such PPIs can be issued without Know Your Customer (KYC) verification of the holders

KYC compliance: Time consuming, repetitive but critical for your safety

Update your documents regularly so that you are able to fulfil KYC demands seamlessly

Govt planning to standardise 'know your customer' norms for banking checks

Wednesday's statement made no direct reference to Paytm Payments Bank, saying only the FSDC discussed Know Your Customer (KYC) norms

Central Depository Services India to inspect Paytm Money's KYC process

Central Depository Services India (CDSL) may initiate inspection into Paytm Money's customer verification protocols following RBI's directives and regulatory actions against Paytm Payments Bank

Slice announces public release of UPI first account product for everyone

/ -- slice, India's leading fintech startup, announces the public release of its highly anticipated UPI first account - slice account. After a successful three-month beta testing period, primarily available to its existing customer base, slice is now extending slice account services to all users. The slice account has witnessed overwhelming approval from the customers, who have quickly taken to its fast, integrated experience that combines user funds and digital payments within a single app infrastructure. Indulge in a fine payment experience: slice's UPI first account offers a UPI handle (@slice) and a virtual account. The customers can effortlessly add money in the virtual account and spend via UPI or card, or link any other bank accounts they want, enjoying a seamless and fast UPI payment experience. slice account simplifies the payment process by eliminating cross-selling and prioritising a user-friendly interface designed to save time. It includes autoload functionality for ..

Money laundering, KYC non-compliance led to ban on Paytm Bank by RBI

Money laundering concerns and questionable dealings of hundreds of crores of rupees between popular wallet Paytm and its lesser-known banking arm had led Reserve Bank of India to clamp down on tech poster boy Vijay Sekhar Sharma-run entities, sources said. The central bank has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business including taking further deposits, conducting credit transactions and carrying out top-ups on any customer accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29. This means customers can access their existing deposits and pay for services with money stored in their wallets till February 29. And in case, RBI does not relent, top-up for Paytm wallet will stop and transactions through it would no longer can be carried. In a major action against PPBL, the Reserve Bank earlier this week directed the lender to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after ...

Shadow of KYC-led money laundering falls over Paytm Payments Bank

Payments bank says it has upheld compliance with supervisory instructions

RBI urges public to be cautious of fraud in the name of KYC update

The regulator asked customers to lodge a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or through the cybercrime helpline (1930) in case of financial cyber frauds

Do not share documents with unknown entities for KYC updation: RBI

The Reserve Bank of India on Friday cautioned the public against fraud in the name of KYC updation and advised not to share documents with unknown entities. In the wake of continuing incidents and reports of customers falling prey to frauds being perpetrated in the name of KYC updation, RBI urged the members of the public to exercise caution and due care to prevent loss and safeguard themselves from such malicious practices. In past also the central bank has cautioned the public regarding such frauds. "Do not share KYC documents or copies of KYC documents with unknown or unidentified individuals or organizations," it said. Also, do not share account login credentials, card information, PINs, passwords, OTPs with anyone, the RBI added. "The modus operandi for such frauds usually involves customers receiving unsolicited communications, including phone calls/SMS/emails, through which they are manipulated into revealing personal information, account/login details, or installing ...