Monday, July 22, 2019, 11:08 AM
You may need to quote more than just your PAN if your cash deposits or withdrawals cross a certain annual threshold. As part of its latest efforts to crack down on the large-flow of currency in the economy, the government is set to mandate Aadhaar authentication either via electronic-KYC, using bio-metric tools or through a one-time password in case you cross the specified value.
Wednesday, June 19, 2019, 10:31 AM
The Reserve Bank of India has fined HDFC Bank Rs.1 crore for non-compliance with the central bank's norms on 'know your customer (KYC)/anti-money laundering (AML)' and 'reporting of frauds'. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said.
Wednesday, June 5, 2019, 11:55 AM
The Reserve Bank of India has said that strong regulations have helped India's payments system grow rapidly and earned leadership position in the world even as bringing down volume of paper clearing along with raising acceptance of digital utility bill payments still remains a challenge. There has been substantial growth in e-payments by government and also in digital infrastructure in terms of mobile networks.
Wednesday, May 8, 2019, 5:47 PM
All independent directors may have to register as part of a new initiative by the MCA, which also plans to introduce online training modules on various issues that these board members deal with. While registration is proposed to be made mandatory through an online facility, the training through electronic modules, that are being prepared by Indian Institute of Corporate Affairs, will be purely voluntary.
Thursday, March 7, 2019, 7:55 PM
Business organisations using Aadhaar services will now have to pay Rs 20 for each customer verification and 50 paise for authentication of each transaction carried out by the entities, the Unique Identification Authority of India (UIDAI) said on March-7. The gazette notification, the Aadhaar (Pricing of Aadhaar Authentication Services) Regulations 2019, however, exempts government entities and the Department of Posts from authentication transaction charges.
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Monday, December 3, 2018, 9:51 AM
The government and RBI are reportedly in talks to allow the use of 'offline Aadhaar', which relies on the use of QR codes, instead of the biometric eKYC, for opening bank accounts, operating payment wallets, and other areas. According to the source, this move is expected to benefit the financial technology companies.
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