The statutory status will provide a legal foundation to Aadhaar.
Telecom Secretary J S Deepak has resolved the toughest issues facing the sector, but his real test will be in delivering on the govt's Digital India dream
Mukesh Ambani said, by March 2017, it will cover 90 per cent of India's population
To participate in an OFS, investors will have to open a trading A/C
According to the committee, single overseas investments of more than 10 per cent in a company should be considered as Foreign Direct Investment while those less than 10 per cent should be classified as foreign portfolio investment.
But mobile wallet companies say many consumers are not ready to give out their PAN
Market intermediaries, who are constantly on the lookout for avenues to reduce overhead and compliance costs, have found a new tool.
Six months after a Rs 400-crore fraud was detected in its Gurgaon branch, the Reserve Bank of India (RBI) on Monday rapped Citibank for the episode.
Each financial product is governed by a different regulator and the rules for gifting vary, points out Tinesh Bhasin.
Now SEBI registered Mutual Funds would be allowed to accept subscriptions from foreign investors who meet the Know Your Client (KYC) requirements for equity schemes.
Leaving behind the luxe life and dapper suits of foreign banks, Puri and his team at the upstart venture shared fizz drinks, wore a footwear brand popular among the middle class, shared a rat-infested space in a yet-to-be gentrified work space to plan and execute it.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
The move to allow payments through digital wallets could give a fillip to distribution and reach for these investment vehicles, say experts.
Priya Nair finds out how investors of mutual funds, shares, unclaimed bank deposits, insurance policies can redeem long-forgotten investments.
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
The EPFO launched one-page simplified forms for withdrawal.
In the next few days, use credit/debit cards wherever possible or download your bank's mobile banking app or a mobile wallet.
They can be used as collateral for loans and can be sold or traded on stock exchanges
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
'No government will forego the usage of data of this order and nor will any private concern.' 'Unless, of course, there are strong safeguards to privacy.' 'Which is why that nine-member Supreme Court bench could make or mar everybody's future,' says Devangshu Datta.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
With even kiranas now entitled to perform a few banking functions, telcos can be allowed to transfer funds - customers trust them enough to pay crores of rupees in pre-paid revenues.
Govt looking for common ground on GST; hopes to pass it soon.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
New software will ensure that anyone with more than one election ID has to surrender the other cards.
Go cashless. Go clean, say I=T to people.
Experts say the new security features will significantly ensure there is no 'large-scale theft of people's identity'.
Even investors with sums as low as Rs 1,000 per month can start their investment journey.
Here are the answers to six most relevant questions you MUST know about the New Pension Scheme.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
While your insurer will help you open an e-insurance account at the time of buying a policy, existing policyholders must do so themselves
FPIs would be classified into two categories instead of three, while the requirements for issuance and subscription of offshore derivative instruments would be rationalised.
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
'He was asked to do the KYC again because the earlier exercise would not do as they were 'computerising.' 'Getting the records transferred to the reluctant computer would take time and so he was advised to come a few weeks later.' 'My only prayer is that post offices will survive the modernisation process with at least some customer base intact,' says Subir Roy.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
Due to the prevailing uncertainty, the risk of loans going bad has certainly increased. This may result in lenders following risk-based pricing more diligently, notes Naveen Kukreja, CEO, Paisabazaar.com
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
If borrowers don't have access to a bank's credit facility, it could make sense to use peer-to-peer systems.
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