Thursday, January 30, 2020, 10:19 AM
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.
Friday, January 10, 2020, 10:42 AM
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.
04 January 2020, Saturday
Opening a bank account was nearly impossible without a valid address proof. With the introduction of Jan Dhan accounts the economically backward secti ...
Saturday, December 21, 2019, 12:10 PM
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.
Friday, December 13, 2019, 12:56 PM
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.
Wednesday, November 6, 2019, 11:39 AM
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.
Sunday, September 29, 2019, 12:47 PM
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.
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.
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