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.
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.
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.
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.
Central KYC not in sync with Sebi's KRA system; regulator writes to finance ministry
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.
Whenever possible, the karta or head of the family should openly discuss the future distribution of movable and immovable property with all legal heirs.
Understand policy inclusions and exclusions to avoid surprises during claims.
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.
Customers must sign the agreement promptly to avoid disruptions. They should read it thoroughly and understand their rights and obligations.
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.
'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.
KYC done while opening a bank account can be used to open a mutual fund account.
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.
There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks.
If nominees pass away, distribution is governed by succession laws of insured's religion.
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.
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.
Finance ministry asks bank, insurance & market regulators to issue notifications
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
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.
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.
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.
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
Currently, the facility of sharing of KYC information is available only among Sebi-registered intermediaries.
'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
'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.
The mutual fund (MF) gross inflows through the systematic investment plan (SIP) route topped the Rs 20,000 crore mark for the first time in a calendar month as investors opened a record 6.4 million SIP accounts despite a spike in market volatility. The number of accounts opened last month was almost 50 per cent higher than the registrations seen in March. "India's MF industry has reached yet another milestone with the SIP book crossing above Rs 20,000 crore in April 2024.
The Delhi Cabinet has approved an allocation of Rs 5,100 crore for implementing the Mahila Samriddhi Yojana, under which women in the national capital will receive Rs 2,500 each per month. The scheme was announced by BJP national president J P Nadda on the occasion of International Women's Day and will be launched immediately. The scheme was a key promise made by the BJP during the recent Delhi Assembly elections, where the party secured a sweeping victory. The announcement has been met with mixed reactions, with some praising the initiative while others have raised concerns about its feasibility.
Markets regulator Sebi's new guidelines on research analysts (RAs) are forcing several equity research firms publicly announcing plans to shut down their shops due to heightened compliance and operational requirements. The Securities and Exchange Board of India (Sebi), on January 8, came out with guidelines for Research Analysts in a bid to curb fraudulent stock recommendations and illegal practices in the securities market.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
The Enforcement Directorate (ED) conducted raids at multiple locations in Maharashtra and Gujarat as part of a money laundering investigation targeting a Malegaon-based trader suspected of misusing bank accounts to carry out transactions exceeding Rs 100 crore. The probe is linked to an FIR filed by Malegaon Police against Siraj Ahmed Harun Meman, who operates a tea and cold drinks agency, for allegedly misusing bank accounts for illegal transactions. The ED suspects the trader may have been using the funds to divert and route money for certain individuals by misusing the banking credentials of ordinary citizens. The possibility of electoral malpractice being involved is also under scrutiny.
The information containing relevant client details and photograph made available from UIDAI as a result of e-KYC process shall be treated as sufficient proof of Identity and address of the client.
