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 RBI on Monday said it has imposed a total penalty of Rs 7 lakh on two co-operative banks, including Rs 5 lakh on Vyavasayik Sahakari Bank Maryadit, for violation of KYC and other norms.
Lately, hackers have been using this neat trick to get into people’s Paytm accounts. Here's how you can avoid being a part of such a scam.
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.
Retirement fund body EPFO updated KYC details of 73.58 lakh subscribers in April-June, which enabled them to access a host of its online services, the Labour Ministry said on Monday.
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.
IDFC First Bank has launched video KYC facility so that customers can open savings accounts without the need to visit a branch office.
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.
Markets regulator Sebi on Thursday relaxed compliance norms for depository participants, stock brokers and share transfer agents with regard to processing of demat request and KYC application amid the coronavirus pandemic.
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.
SBI account: For any bank, maintaining a record of information about its customers is of great importance.
SBI KYC Online: Are your holding savings accounts or other accounts with State Bank of India? Then SBI has an important notice for you. SBI Bank issued a public notice, published in an English daily on Sunday, asking its customers to complete their KYC for hassle-free banking experience. India's largest lender also said that those non-KYC bank accounts may be freeze by the bank.
The RBI in a release said that supervisory evaluation of the bank (2016-17) revealed that the HDFC Bank had "failed to exercise ongoing due diligence" with regards to 39 current accounts opened by its customers for bidding in Initial Public Offer.
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.
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