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RBI imposes Rs 1 crore penalty on HDFC Bank

Thursday, January 30, 2020, 10:19 AM

RBI imposes Rs 1 crore penalty on HDFC Bank

The RBI has imposed a penalty of Rs.1 crore on HDFC Bank for non-compliance with KYC norms, the central bank said. The RBI in a release said that the 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 IPO.
#RBI #KYC #hdfc bank #HDFC #KYC Norms

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RBI allows banks to complete Aadhaar-based authentication on video

Friday, January 10, 2020, 10:42 AM

RBI allows banks to complete Aadhaar-based authentication on video

The Reserve Bank of India (RBI) has introduced Aadhaar-based Video Customer Identification Process (V-CIP) to allow banks and other lenders to remotely complete KYC of customers on video. Lenders can use this facility as an alternative to the already available e-KYC facility. The central bank has amended its guidelines under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to introduce V-CIP.
#Aadhaar #General #KYC #Reserve Bank Of India #Prevention Of Money Laundering Act

Article

 

04 January 2020, Saturday

How to Open a SBI Account Without Valid KYC?

Opening a bank account was nearly impossible without a valid address proof. With the introduction of Jan Dhan accounts the economically backward secti ...
#savings bank account #KYC

News

 
Bank KYC forms may seek details of clients' religion

Saturday, December 21, 2019, 12:10 PM

Bank KYC forms may seek details of clients' religion

Soon, banks may introduce a new column in 'know your customer' (KYC) forms for their depositors and clients to mention their religion. This requirement has arisen in the wake of the recent changes made to Fema Act regulations, which extend the benefits of opening NRO accounts and holding property to select religious minorities, excluding Muslims.
#KYC #BANK #Top Stories #Trending #Religion

News

 
Mumbai doctor latest victim of KYC fraud

Friday, December 13, 2019, 12:56 PM

Mumbai doctor latest victim of KYC fraud

A 45-year-old woman doctor lost a sum of Rs.1,30,000 to cyber fraudsters but managed to get back Rs.1,10,000 thanks to quick intervention by the police. According to a police official, the doctor, Lopa Chetan Dave, was cheated of Rs.1,30,000 by online fraudsters after she gets an SMS on her mobile phone in which she asked to share Know Your Customer(KYC) details on December 2.
#FRAUD #online fraud #KYC #SMS #Mumbai #Cyber Crime #Alert

News

 
Sebi tightens rules on P-notes, to need separate registrations

Wednesday, November 6, 2019, 11:39 AM

Sebi tightens rules on P-notes, to need separate registrations

India's capitalmarkets regulator tightened rules on participatory notes (p-notes), or offshore derivative instruments issued by brokers to foreign investors not registered locally, while easing some operational norms for select overseas funds. Sebi said late Tuesday that foreign portfolio investors (FPI) would have to make separate registrations for issuing p-notes for underlying derivatives. However, this requirement is waived for p-notes against underlying cash equities.
#SEBI #KYC #Business News #Hedge Fund #Stock Market News #FPIs #Pnotes

News

 
Foreign investors pour in Rs 7,714cr into capital markets in September

Sunday, September 29, 2019, 12:47 PM

Foreign investors pour in Rs 7,714cr into capital markets in September

After remaining net sellers for the past two months, foreign investors infused a net Rs 7,714 crore into the domestic capital markets in September following a slew of economic reforms by the government. Besides, the Securities and Exchange Board of India (Sebi) simplified KYC requirements for FPIs and granted them permission to carry out off-market transfer of securities.
#SEBI #General #KYC #FPIs

News

 
Large cash deposits may soon need Aadhaar authentication

Monday, July 22, 2019, 11:08 AM

Large cash deposits may soon need Aadhaar authentication

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.
#Aadhaar #Union Government #PAN #KYC #OTP #Top Stories #Trending #Aadhaar Authentication

News

 
RBI fines HDFC Bank Rs 1 crore for violation of KYC norms

Wednesday, June 19, 2019, 10:31 AM

RBI fines HDFC Bank Rs 1 crore for violation of KYC norms

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.
#RBI #KYC #hdfc bank #Anti-money Laundering #KYC Norms #Frauds

News

 
Strong regulations help India's payments system grow, says RBI

Wednesday, June 5, 2019, 11:55 AM

Strong regulations help India's payments system grow, says RBI

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.
#RBI #Aadhaar #digital payments #KYC #Reserve Bank Of India #Industry News #Industry Growth #Indian Industry News
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