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).
'For smaller merchants, there should be a process that is digital and a minimum KYC journey should be allowed.'
NPS Vatsalya offers a disciplined investment avenue that parents can use to create intergenerational wealth by contributing even small sums.
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.
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.
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.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
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 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.
While investments are typically reviewed annually, risk cover is often left unchanged for years.
A phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
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 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.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
EPF doesn't just build your retirement fund -- it also provides free life insurance up to Rs 7 lakh under the EDLI scheme.
The Delhi High Court has held that profits from cricket betting would constitute "proceeds of crime" under the anti-money laundering law.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
'Foreign capital will continue to come directly into India, but companies have realised that GIFT City is a more cost-efficient way of channelling funds.'
State-owned banks have received guidance from the government to close Jan Dhan accounts whose beneficiaries are unwilling to keep them active, amid rising instances of such accounts being misused by fraudsters as mule accounts to defraud people, people aware of the development said.
Fraud reported by banks declined in 2024-2025 to 23,953 as compared to 36,060 in the previous year though the amount involved jumped to Rs 36,014 crore from Rs 12,230 crore.
Senior citizens are particularly vulnerable due to their high savings, trust in authorities, and limited familiarity with online frauds.
Brokers have requested for a three-month extension from the Securities and Exchange Board of India (Sebi) for the validation of Know Your Client (KYC) records. In a letter to Sebi, industry body -- Association of National Exchanges Members of India (Anmi) -- has cited various issues and concerns raised by its members that have hampered the smooth completion of the validation process within the stipulated timeline. The Sebi circular had given KYC Registration Agencies (KRAs) a timeline of 180 days, ending on April 30, 2023, to validate client KYCs.
The Opposition in Maharashtra boycotted the government's customary tea party on the eve of the Winter session, citing its failure to appoint leaders of the opposition (LoPs) in both houses of the state legislature.
India's housing finance sector is riding a wave of post-pandemic revival, driven by policy support, digital innovation, and growing demand from younger homebuyers in emerging cities.
The Supreme Court of India has directed changes in digital know your customer (KYC) guidelines for persons with disability and acid attack survivors, citing the right to digital access as an intrinsic component of the right to life under Article 21 of the Constitution. The court found that existing KYC procedures, which require visual tasks such as head movements and facial positioning, pose significant challenges for these groups, preventing them from accessing essential services like bank accounts and welfare schemes. The court emphasized the importance of bridging the digital divide and ensuring universal accessibility to digital services for all citizens.
Given that a sizeable part of this money is part of the coveted current accounts and savings accounts, it is surprising that banks are not in a hurry to revive these accounts, notes Tamal Bandyopdhyay.
Your EPF isn't just a retirement pot. It's a financial safety net you can dip into for life's biggest needs. Here's how these one-time advances work and when to use them wisely.
When and how you can access EPF money before retirement without jeopardising your long-term retirement savings.
While law-abiding customers are harassed for KYC and have to comply with endless paperwork even to open and close accounts, DHFL could easily open nearly 260,000 fake home-loan accounts, reveals Debashis Basu.
'This marks a turning point for Paytm, with the regulatory environment looking much clearer than it has been in the last two years.'
Entities controlled by governments - sovereign wealth funds, and pension funds - have recorded higher growth in equity assets under custody compared to other foreign portfolio investors (FPIs) over the past five years.
The Reserve Bank of India (RBI) has extended the last date for periodic KYC update till March 31, amid Omicron uncertainties and has advised banks and other regulated entities not to take restrictive action against customers till the fiscal end. Earlier in May, the RBI had extended the last date for updation of KYC by regulated entities till December-end because of the second wave of the coronavirus pandemic.
A 48-year-old cab driver has been arrested in Delhi for allegedly masturbating in front of a young woman during a ride. The woman reported the incident to the police, leading to the driver's arrest and vehicle seizure.
A 10-part series that explains all you want to know about how India's EPF turns a slice of your monthly salary into long-term savings, pension, and life insurance.
The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction.
The Reserve Bank on Monday cautioned people against frauds in the name of KYC updation and advised them not to share key information like account details or passwords with unidentified persons or agencies. In a release, the RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation. "The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc., by customer urging him/her to share certain personal details, account / login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application for KYC updation using a link provided in the communication," it said.
Markets regulator Sebi has proposed introducing a single window access for low risk foreign investors seeking to participate in the Indian securities market, a move aimed at simplifying compliance and enhancing the country's attractiveness as an investment destination.
The CBI has arrested Mani M. Sekhar in a Rs 8 crore bank fraud case from Indore after a nearly two-decade manhunt.
