Page 7 - Kyc

Budget: Govt proposes to simplify KYC procedure with 'risk-based' approach

The government on Wednesday proposed to simplify the KYC procedure by adopting a 'risk-based' rather than the 'one size fits all' approach currently in practice. In her Budget Speech, finance minister Nirmala Sitharaman also proposed to introduce a 'one stop solution' for identity and address updating through the DigiLocker service. Another significant announcement made by the minister relates to use of PAN as common identifier for business establishments for digital systems of government agencies. "The KYC process will be simplified adopting a 'risk-based' instead of 'one size fits all' approach," Sitharaman said as she presented the last full budget before the 2024 general elections. The financial sector regulators will also be encouraged to have a KYC (Know Your Customer) system fully amenable to meet the needs of Digital India. She also announced a one stop solution, for reconciliation and updating of identity and address of individuals maintained by various government agencie

Union Budget 2023: Centre bets big on Artificial Intelligence, IoT

Budget 2023: Nirmala Sitharaman added that the National Data Governance Policy will enable anonymised data and the KYC process will be simplified by adopting a risk-based system

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Gaming firms recommend self-declaration mechanism, graded KYC to MeitY

The ministry is also expected to release some guidelines to prevent a conflict of interest for the board of SRO soon

No need for customers to visit bank branches for re-KYC, says RBI

Self-declaration via email, phone sufficient

RBI imposes monetary penalties on nine urban cooperative banks

The bank regulator has fined two banks each from Odisha, Madhya Pradesh, and Gujarat, and one bank each from Chhattisgarh, Maharashtra, and Jharkhand

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

Only OTT communication players to be regulated under new telecom bill: Rpt

Under the new telecom bill, if the OTT communication services are brought under the ambit of telecom services, companies will be required to do the KYC verification of their users

Aadhaar number mandatory for availing of govt subsidies and benefits

Under Section 7 of the Aadhaar Act, a person not assigned an Aadhaar number "shall be offered alternative and viable means of identification for delivery of the subsidy, benefit or service"

EnKash: Powering India's SMEs and start-ups with a suite of corporate cards

The firm currently has a user base of 100,000 enterprises and processes transactions worth about Rs 28,000 cr a year

How Truecaller is using AI assistant to help you attend, or drop calls

Considering the number of reports on spam calls in India, a voice assistant to filter them will be a huge step

Inadequate KYCs: Sebi lays down rules for deactivation of accounts

MIIs will have to ensure that they communicate the details of the deactivation along with reasons to the respective registered intermediary

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

Sebi provides directive for sub-KYC user agency for Aadhaar authentication

Capital markets regulator Sebi on Wednesday issued directives for sub-KYC user agencies to provide Aadhaar authentication services to their clients for the purpose of know your customer (KYC). This comes after the government last week notified 155 entities as sub-KUAs (KYC user agencies) to use Aadhaar authentication services of the UIDAI (Unique Identification Authority of India). In a circular, the Securities and Exchange Board of India (Sebi) said that these entities are required to enter into an agreement with a KUA and get themselves registered with UIDAI as sub-KUAs. The agreement in this regard will be as prescribed by the UIDAI. Further, the sub-KUAs need to follow the process as may be prescribed by the UIDAI from time to time. "The KUAs shall facilitate the onboarding of these entities as sub-KUAs to provide the services of Aadhaar authentication with respect to KYC," the regulator said. In May 2020, the regulator listed the entities that can undertake e-KYC Aadhaar ...

PM KISAN: How to register under the scheme to receive the 12th installment

To use the scheme's benefits, a family must own cultivable land, the records of which must be available with the state authorities

PM Kisan Yojana: How to apply for benefits under the farmer scheme

Under the PM Kisan Yojana, a family is defined as a husband, a wife and minor children. If any farmer's family has more members, they are declared ineligible for the installments

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

PM Kisan Yojana: A complete guide to availing 12th installment of scheme

The 11th installment was released by PM Narendra Modi on May 31. According to state data, Rs 21,000 crore were given to 10 crore families in the installment

RBI fines Ola Financial Services Rs 1.67 cr for not following directions

Ola Financial Services was found to be non-compliant with the directions issued by RBI on KYC requirements