The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF).
For children below 5 years of age, their unique identification number (UID) on the blue Aadhaar card will be processed based on demographic information and a facial photograph linked with the UID of their parents, as biometrics will not be captured for them.
Budget 2023: FM Sitharaman also said that the process of KYC will be simplified by adopting a risk-based system.
Reliance Jio wrote a letter to warn its customers about the e-KYC scams. In a letter issued by the company for the users, India’s one of the largest telecom service providers warned about the increasing cyber fraud incidences.
The State Bank of India has warned customers of instances where fraudsters have duped people with KYC verification.
SBI Bank Alert: The State Bank of India (SB), India's largest lender, has cautioned against fraudulent calls requesting KYC Verification. The State Bank has advised its customers to refrain from sharing any sensitive details online or offline.
The RBI has also decided to extend the scope of video KYC (know-your-customer) or V-CIP (video-based customer identification process) for new categories of customers such as proprietorship firms, authorised signatories and beneficial owners of legal entities.
In view of difficulties faced by customers due to local lockdown induced by the second wave of COVID-19, State Bank of India (SBI) has decided to permit acceptance of documents for KYC updation through mail or post.
The caller posed himself as a Bank executive and asked her father to share their bank account details, including the one-time password (OTP) that she received on her mobile phone. But, as soon as the complaints realized something fishy, the net banking password was changed.
During interrogation, accused Md. Azad disclosed his involvement in the crime. He further disclosed that he came in contact with other co-accused namely Rahul from Basantpur, Bihar.
A bank manager lost Rs 40,000 as he clicked on a link apparently to update his 'know your customer' details in a payment, news agency PTI reported on Sunday.
According to sources, one of the recommendations requires the DPMS sector to fulfil obligations of Customer Due Diligence (CDD) when they conduct cash transactions above a certain limit (USD/EUR 15,000). India is a member of FATF since 2010.
The Ahmedabad Cyber Crime Branch in Gujarat on Wednesday arrested two persons allegedly involved in duping residents of different states on the pretext of updating Know Your Customer (KYC) of payment application Paytm, police said.
After several other banks introduced a video-based customer identification process last one month, SBI Card on Monday announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle-free customer onboarding process.
Retirement fund body EPFO has updated KYC details of its 52.62 lakh subscribers during the April-May period, according to a labour ministry statement.
Finance Minister Nirmala Sitharaman on Thursday formally launched the facility for instant allotment of PAN through Aadhaar based e-KYC (on near to real-time basis). The Income Tax department took to Twitter and said the process of applying for the instant PAN is very simple. Here're simple steps to download instant PAN card.
The finance ministry has allowed 29 insurance companies and 9 securities entities to collect Aadhaar for the purpose of know your customer (KYC), a move aimed at checking money laundering and routing investments into shell companies.
IAMAI suggests that physical KYC process should be dropped during Coronavirus lockdown in India
The date of birth recorded in 'Aadhaar' will now be accepted as valid proof of date of birth for the purpose of rectification, provided that the difference in the two dates is less than 3 years. The Provident Fund subscribers can submit the correction requests online.
SBI Bank KYC Alert! The State Bank of India (SBI), India's largest lender, has issued a notice to its account holders in regard to their incomplete KYC. From today, SBI account holders with incomplete KYC will not be able to do transactions.
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