Capital market regulator Sebi on Wednesday announced introduction of uniform forms and documents for the purpose of customer identification by different market intermediaries like stock exchanges and mutual funds, a step intended to bring uniformity to the process.
The size of the Indian financial services market could touch around $340 billion in the next few years.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
It might be a cheaper option, but lack of clarity is choking its growth
ICICI Bank, the largest private sector lender in the country, is offering an 'instant account number' if you apply for a savings deposit account through its website.
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
Consumers will thank the Modi government for this simple yet revolutionary move, which is long overdue, says Debashis Basu.
Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans.
During the meeting with Finance Minister Nirmala Sitharaman, it was also suggested that employees' provident fund should increase its exposure in the stock market, which in turn would improve liquidity.
The issue of electoral bonds has snowballed into a political flashpoint after following reports that said the Reserve Bank of India and Election Commission had reservations against them but they were overrule by the Modi government.
Under the PMGKY scheme, black money holders can deposit unaccounted cash in account which will be subject to 50 per cent tax and 4-year interest free lock-in for the remaining 25 per cent of the amount
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
Yes Bank was the top loser in the Sensex pack, crashing 8.36 per cent, followed by NTPC, M&M, Vedanta, Sun Pharma and TCS, which lost up to 4.81 per cent lower.
To participate in an OFS, investors will have to open a trading A/C
Mukesh Ambani said, by March 2017, it will cover 90 per cent of India's population
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.
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.
Each financial product is governed by a different regulator and the rules for gifting vary, points out Tinesh Bhasin.
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.
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.
The EPFO launched one-page simplified forms for withdrawal.
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.
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
'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.
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.
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.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
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.
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'.
