The Indian government has extended the deadline for implementing SIM-binding rules for mobile messaging apps like WhatsApp and Telegram to December 31, following requests from the industry. The Department of Telecom has also relaxed the mandatory six-hour log-out rule for web versions of these apps.
Kapil Chugh, accused of masterminding a Rs 1,825 crore GST refund fraud, has been arrested by DGGI officers upon his return from Dubai. He is alleged to have evaded investigation and is wanted in other economic criminal cases.
Markets regulator Sebi is actively working with the Ministry of Finance and other financial regulators on setting up a centralised KYC (Know Your Customer) system, chairman Tuhin Kanta Pandey has said. The Central KYC is an online database that maintains KYC records of customers in a centralised manner, aiming to streamline compliance across financial institutions.
The Reserve Bank of India (RBI) has proposed several measures to develop a more conducive framework for the long-term growth of Prepaid Payment Instruments (PPIs), including enhanced transaction security and clearer rules on refunds and grievance redressal.
The Reserve Bank of India (RBI) has unveiled draft norms for branch authorisation and business correspondents (BCs), introducing a two-tiered classification for BCs and redefining 'banking outlets' to include BC-Banking Outlets (BC-BOs), aiming to expand formal banking presence, particularly in rural areas.
Assam police have arrested five individuals for their alleged involvement in an interstate cyber crime syndicate, focusing on SIM card fraud and identity theft.
Dungarpur Police have arrested three individuals involved in an organized gang allegedly siphoning money from life insurance policies using forged documents, with the fraud involving approximately Rs 58 lakh.
'It is a tradeoff between convenience and fraud prevention.'
The Indian government has doubled the daily quota of market-priced 5-kg LPG cylinders for migrant workers to ensure stable fuel supplies amidst global disruptions. This move prioritises household cooking gas and addresses the needs of migrant workers who often lack regular connections.
'Many policyholders do not understand that non-medical expenses, cosmetic treatments, and certain other procedures are not covered by health insurance policies.'
CGST Gurugram busts a large-scale fake GST registration racket operating in North Delhi, involving fraudulent invoices and ITC availment.
'On national security issues, there can be no compromise.'
Airpay Payment Services has partnered with Maharashtra State Co-operative Bank (MSCB) to enable UPI-based digital payments across the lender's network in Maharashtra, aiming to accelerate financial inclusion in rural areas.
Delhi Police have dismantled a major international cyber fraud syndicate, arresting the alleged mastermind and 10 others. The syndicate is linked to over 2,000 complaints and scams worth over Rs 300 crore, with connections to international cyber fraud operations in Cambodia.
Haryana's State Vigilance and Anti-Corruption Bureau has filed an FIR to investigate alleged discrepancies involving nearly 150 crore of Panchkula Municipal Corporation funds held in a Kotak Mahindra Bank branch.
An FIR has been filed regarding alleged discrepancies in Panchkula Municipal Corporation's fixed deposit receipts (FDRs) of nearly Rs 150 crore held at a Kotak Mahindra Bank branch, leading to a state-level investigation.
An FIR has been filed regarding alleged discrepancies related to Fixed Deposit Receipts (FDRs) involving nearly Rs 150 crore of Panchkula Municipal Corporation with a Kotak Mahindra Bank branch, leading to a formal investigation.
Customers will qualify for compensation even if they mistakenly share the OTP.
The Unique Identification Authority of India has deactivated Aadhaar numbers of over 2.5 crore deceased persons to prevent misuse of the identity document, Parliament was informed on Wednesday.
Security agencies have uncovered a vast network of 'mule accounts' in Jammu and Kashmir used to launder money for global scams, raising concerns about potential links to separatist activities.
NPS Vatsalya offers a disciplined investment avenue that parents can use to create intergenerational wealth by contributing even small sums.
'Clients deemed higher-risk are required to update their KYC more frequently.'
Delhi Police have dismantled three multi-state cyber fraud networks involved in online investment scams, fake trading applications, and KYC fraud, leading to the arrest of three key individuals.
A penalty of Rs 91 lakh has been imposed on HDFC Bank for violating certain provisions of the Banking Regulation Act, the Reserve Bank said on Friday. The penalty has been imposed on the private sector lender for deficiencies in statutory and regulatory compliance, including those related to Know Your Customer (KYC).
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
Mutual fund investors no longer need to link their PAN with Aadhaar to obtain 'KYC-registered' status.
Moving beyond digital payments, the National Payments Corporation of India (NPCI), the operator of Unified Payments Interface, is planning to add more muscle to the country's digital infrastructure by setting up a fourth subsidiary, NPCI Tech Solutions Ltd (NTSL).
'The committee has been constituted. Different government departments and FSDC members are part of it.'
RBI Deputy Governor Swaminathan J has asked banks to follow KYC guidelines with both "precision and empathy", failing which regulatory actions will be taken against them by the central bank. Addressing a Conference of Directors of Private Sector Banks here on Monday, the Deputy Governor also expressed concern that in many cases, customer grievance mechanisms, including the Internal Ombudsman structure, are treated more as a formality than as a robust, effective resource.
While investments are typically reviewed annually, risk cover is often left unchanged for years.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
'For smaller merchants, there should be a process that is digital and a minimum KYC journey should be allowed.'
Bank account holders are no longer required to visit their bank branches to update 'know your customer' (KYC) details provided they have already submitted valid documents and not changed their address, the RBI has said. Instead, if there is no change in KYC information, they can submit a self-declaration through email-id, registered mobile number, ATMs, or any other digital channels. Following up on Reserve Bank Governor Shaktikanta Das stating that banks should not insist on branch visits for KYC updation, the central bank on Thursday issued guidelines for the same.
After a gap of more than three years, the central government has agreed to resume the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) works in West Bengal with immediate effect, but subject to mandatory adherence to stringent conditions. These include a prohibition on any work valued at more than 20 lakh, compulsory 100 per cent electronic know-your-customer (eKYC) verification of all workers, and mandatory pre-estimation field visits for all works before they are undertaken.
The Securities and Exchange Board of India (Sebi) has planned a slew of further relaxations to facilitate easier registrations of foreign portfolio investors (FPIs), including a common know-your-client (KYC) and smoother documentation through India digital signature.
A phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
The Enforcement Directorate (ED) is investigating a money-laundering case involving over Rs 331 crore deposited in a bank account linked to an illegal betting app. A bike-taxi driver was found to be unknowingly used as a 'mule' to funnel the illicit funds.
The missive has, however, polarised stakeholders, with mobile operators under COAI coming out in its support, while digital platforms under the aegis of Broadband India Forum expressing "serious concerns" around overreach and calling for a pause in implementation of timelines.
EPF doesn't just build your retirement fund -- it also provides free life insurance up to Rs 7 lakh under the EDLI scheme.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
