Airtel CEO Gopal Vittal on Thursday warned about a rise in cyber frauds amid a massive surge in online transactions during the second wave of the pandemic, and asserted the company is working "relentlessly" and coming out with safety features to ensure customers are not vulnerable to fraudsters. In an e-mail outreach to customers, Vittal highlighted the modus operandi being adopted by fraudsters and also drew attention to cyber frauds related to digital payments. "With the growing second wave of the pandemic and lockdowns in various parts of the country, there has been a massive increase in online transactions. "Unfortunately, there has also been a corresponding increase in cyber fraud," Vittal said.
Retirement fund manager EPFO that has initiated the process of seeding KYC details like PAN, Aadhaar of contributing members for making Universal Account Number (UAN) has set a target of seeding 2 crore (20 million) bank account data by end of this month.
Of the total Rs 63,288 crore invested through the route till July, Rs 52,356 crore was invested in equities, Rs 10,429 crore in debt, Rs 250 crore in the hybrid securities and Rs 190 crore in derivatives segment.
Equities in India saw record FPI inflows of $16.8 billion in November and December, taking the benchmark indices to new highs.
Political parties use fake social media accounts for self-promotion and image building and to tarnish the image of opponents and contesting candidates, especially during the elections, the plea said.
'All account holders of the bank who have not yet complied with the KYC guidelines are hereby requested to make their accounts KYC compliant by contacting their home branches and completing the required documentation latest by October 31,' SBI said in a notice. Failing to comply with the guidelines would result in the freezing of account operations, it said.
The RBI Governor had earlier cautioned the banks on the risks involved in just hunting for numbers, asking them not to compromise on core objectives of the programme.
The top three companies in terms of the largest value of physical shares showed over 30 per cent shares are held in physical form. Two of the top three were part of the S&P BSE Sensex and the Nifty50 indices.
Retail investors have matured and have moved away from investing in only in-vogue products, says the managing director and chief executive officer of ICICI Prudential AMC.
The Indian market regulator had revamped the FPI regulations in 2014 giving custodians the mandate to collect and verify the KYC documentation of offshore investors
New norms issued as per the Motor Vehicle Aggregator Guidelines 2020 have mandated a cap on surge price, preventing aggregators from charging more than 1.5 times of the base fare.
The volunteers are asked to keep an eye on posts which are against the sovereignty and integrity of India, against the defence of India, against the security of the state, against friendly relations with foreign states, content aimed at disturbing public order, disturbing communal harmony and child sex abuse material.
These games of skill with a large social component have managed the transition to a new online avatar.
This facility will be available to all those subscribers whose Universal Account Number (UAN) is activated and seeded with the KYC details like bank account and Aadhaar number.
RBI has cited "legal impediments" in sharing the reports.
While mobile wallets are still busy exploring the multiple facets of interoperability, experts believe that bringing in new customers would be costly affair and the numbers of new wallet users might not see a major hike anytime soon.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
P-note is, however, now not a preferred route for investing in India as Sebi has made registration easier and also desirable for FPIs.
'In the business of money, where you are regulated, the liability lies on the head of the acquirer.' 'It is not a good thing when you cannot spot the risks.'
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
Axis Bank dismisses 24 staffers, suspends 50 accounts after I-T raids
According to experts, work from home, volatility in stock markets worldwide, and redemption pressures compelled investors to defer new investment plans.
The 16-digit randomly generated number by the Aadhaar system was supposed to be introduced by the UIDAI on March 1 and mandatorily deployed by companies using Aadhaar by June 1.
Many people struggle to claim or liquidate investments and insurance policies due to procedural issues.
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
Your nearest grocery shop might soon become a one-stop shop for depositing and withdrawing money.
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
In the past four months, more than 4 million new accounts have been opened, taking the total to 44.3 million.
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Financial Technologies (India), has made a loan of Rs 225 crore to NSEL.
Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
The Unique Identification Authority of India (UIDAI) has enabled a feature that would allow anyone with an Aadhaar number to open a bank account, without any paperwork.
The majority have stayed away from getting into cash handling.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
The three state-owned fuel retailers have been "directed to stop supplies of LPG refills to households having multiple- connections for which no KYC (Know Your Customer) details have been received, with effect from June 1," a statement issued by Indian Oil Corporation, the nation's largest oil firm, said.
It has also issued cautionary letters to seven other banks.
'The NIA has shared with states concerned a list of 125 suspected activists who have close links with the JMB leadership'
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
Reserve Bank of India lens on mutual fund, insurance, gold coin sale by branch's non-sales staff
The online world is driven by convenience, simplicity and speed.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
