Depositors have reportedly withdrawn Rs 4.5 crore from a Central Bank of India branch in Tamil Nadu since Saturday after a viral WhatsApp message claimed that an NRC document was being accepted as valid ID proof under new KYC norms
The Reserve Bank of India (RBI) included the National Population Register (NPR) letter as an officially valid document (OVD) for Know Your Customer (KYC) verification for opening bank accounts or applying for credit cards. RBI's decision has triggered panic in Central Bank of India's branch in Thoothukkudi, Tamil Nadu.
The RBI on Thursday amended the KYC norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers remotely.
Paytm KYC fraud: One of the complainants had noticed some transactions from her bank account after which she approached the police station. He then found five more people there with similar complaints.
"There is no requirement for Indian citizens to declare their religion for opening/existing bank account or for KYC. Do not fall for baseless rumours about any such move by banks," finance secretary Rajeev Kumar said
The Enforcement Directorate (ED) alleged that Raj Kumar Goenka Bihar-based man who is alleged to have opened bank accounts in the name of shell or bogus firms misused KYC (Know Your Customer) information of his employees and other people to deposit and transfer illegitimate funds.
The Corporate Affairs Ministry has deactivated more than 19 lakh director identification numbers (DIN) as the individuals concerned failed to file KYC details under the companies law.
The circular mentions about the requirements to be fulfilled by entities registered with the UIDAI as KYC User Agency (KUA) as well as for sub-KUA.
SBI KYC Online: Nowadays, Know your customer or KYC has become an important part of the banking system as per the RBI's norms. In fact, not adhering to KYC norms can also lead to heavy penalties being slapped on the offending banks.
With the Reserve Bank of India (RBI) extending the deadline for mobile wallets to become fully Know Your Customer (KYC) compliant, people using PhonePe, Paytm, Amazon Pay or other such wallets will have no troudble doing their transactions as usual at least till February 29, 2020.
The government, last week, had notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts, and had also spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.
Are you Paytm account holder and often do the online transaction through a bank or UPI then you need to be careful. In the latest notification, Paytm has warned its account holders or online bank frauds and have asked them to be alert and be careful from the scammers
Announcing a slew of measures to boost the economy, the government said the Depository Receipt Scheme 2014 is expected to be operationalised soon by Sebi. "This will give Indian companies increased access to foreign funds through American Depository Receipt (ADR)/ Global Depository Receipt (GDR)," she said.
If you are Paytm, PhonePe or any other mobile wallet then this news is important for you. According to the latest notification from Paytm, PhonePe , if any user fails to update their Know Your Customer (KYC) before the last date then their mobile wallet could get inactive. As per reports if you don't then get KYC done by the end of this month i.e August 31st or else you will not be able to pay from next month i.e September 1st.
Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.
The government deactivated director identification numbers (DINs) of more than 16.7 lakh individuals till the end of November, as they failed to comply with KYC requirements.
Physical Aadhaar card can be used for verification in an offline mode if produced voluntarily, the UIDAI clarified.
In a three-page circular, the DoT said Aadhaar e-KYC cannot be used for verifying existing customers as well as giving new SIM connections.
The latest move by the Corporate Affairs Ministry also comes at a time when the government has intensified the crack down on shell companies, which are suspected to be conduits for illicit fund flows.
Till now, an Officially Valid Document (OVD) for address proof together with Permanent Account Number (PAN) issued by the Income Tax department and a recent passport size photograph were the key KYC documents.
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