The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. 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). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction.
The Reserve Bank on Monday cautioned people against frauds in the name of KYC updation and advised them not to share key information like account details or passwords with unidentified persons or agencies. In a release, the RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation. "The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc., by customer urging him/her to share certain personal details, account / login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application for KYC updation using a link provided in the communication," it said.
'This marks a turning point for Paytm, with the regulatory environment looking much clearer than it has been in the last two years.'
Entities controlled by governments - sovereign wealth funds, and pension funds - have recorded higher growth in equity assets under custody compared to other foreign portfolio investors (FPIs) over the past five years.
A 48-year-old cab driver has been arrested in Delhi for allegedly masturbating in front of a young woman during a ride. The woman reported the incident to the police, leading to the driver's arrest and vehicle seizure.
A 10-part series that explains all you want to know about how India's EPF turns a slice of your monthly salary into long-term savings, pension, and life insurance.
Markets regulator Sebi has proposed introducing a single window access for low risk foreign investors seeking to participate in the Indian securities market, a move aimed at simplifying compliance and enhancing the country's attractiveness as an investment destination.
The Securities and Exchange Board of India (Sebi) has deferred the diktat requiring foreign investors to disclose their mobile number, email addresses and income details to depositories, a move believed to be aimed at curbing practices such as round tripping and money laundering. "Based on the representations received from MIIs (market infrastructure institutions), Sebi has decided to extend the deadline for making 6-KYC attributes mandatory for new accounts opened by 1 month to July 1, 2021. "Participants are accordingly requested to take note of the above and ensure compliance," NSDL said in a note on Tuesday. The regulator is also meeting custodians this week to thrash out a solution and address investors' concerns.
Central KYC not in sync with Sebi's KRA system; regulator writes to finance ministry
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said regulations should not create unintended barriers to financial inclusion while emphasising that the impact of regulations on individuals and businesses should be considered.
The CBI has arrested Mani M. Sekhar in a Rs 8 crore bank fraud case from Indore after a nearly two-decade manhunt.
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
Ramalingam Kalirajan offers some easy steps to reactivate your accounts with banks like SBI, HDFC Bank, IDFC First Bank and PNB just so that you can start availing all the benefits linked to your account.
The proposed guidelines cover several key parameters, including governance, investor protection, disclosure, testing frameworks, fairness and bias, and data privacy and cybersecurity measures.
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
KYC done while opening a bank account can be used to open a mutual fund account.
Understand policy inclusions and exclusions to avoid surprises during claims.
Whenever possible, the karta or head of the family should openly discuss the future distribution of movable and immovable property with all legal heirs.
There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks.
There is no escaping the paperwork while investing in financial products. Be it, opening a new bank account, demat account or buying insurance, filling the Know Your Client (KYC) documents is a mandatory procedure today.
Finance ministry asks bank, insurance & market regulators to issue notifications
'In this age of competition, we will not survive long if we do not provide quality service to our consumers'
The Enforcement Directorate (ED) has uncovered "multiple irregularities" in the operations of TASMAC, the state-run monopoly controlling liquor trade in Tamil Nadu. The agency found evidence of "manipulation" in tender processes and "unaccounted" cash transactions worth Rs 1,000 crore through distillery companies. The ED alleges that these irregularities involved "kickbacks" to secure increased supply orders from TASMAC and systematic inflation of expenses by distillery companies to siphon off unaccounted cash.
Aadhaar will be used for proof of address and identification.
At present there are 1,756 FIIs registered in the country. It takes a maximum of three weeks for an FII to register with Securities and Exchange Board of India.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
The Securities and Exchange Board of India (Sebi) on Wednesday announced a slew of measures to ease the compliance burden in the stock markets ecosystem, encourage more companies to list on the bourses after reverse flipping to India, and facilitate greater foreign fund flows into government bonds.
Customers must sign the agreement promptly to avoid disruptions. They should read it thoroughly and understand their rights and obligations.
Physical KYC takes anywhere between two to five working days to get done, V-KYC, only a few minutes.
Experts contend that this setback, even if temporary, could put the company at a disadvantage to its competitors in acquiring new customers.
Currently, the facility of sharing of KYC information is available only among Sebi-registered intermediaries.
Lacking basic safeguards and regulations, India is fast emerging as a hub for illegal online betting and gambling market, with the top 15 such unauthorised platforms logging an alarming over 5.4 billion visits in FY25, according to a report by public policy think-tank on consumer sovereignty.
So, the next time someone tempts you with a slightly higher FD rate from a lesser-known bank, point them to hybrid funds that can deliver extra returns without the administrative and emotional rollercoaster.
If nominees pass away, distribution is governed by succession laws of insured's religion.
'The number of first-time investors into MFs can grow four times more than the current rate if we are able to accept the bank KYCs.'
E-KYCs and Aadhaar authentication are of crucial importance to the fin-tech companies as the recent RBI instructions require strict KYCs for these players to function in the market.
Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
Given the strong interest among rich Indians to settle abroad, the Dubai-based company has opened a full-fledged office in New Delhi and plans to follow it up soon with an office in Mumbai and then a few in central and southern parts of the country.
Given the strong interest among rich Indians to settle abroad, the Dubai-based company has opened a full-fledged office in New Delhi and plans to follow it up soon with an office in Mumbai and then a few in central and southern parts of the country.
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
