Around 80 lakh women in Maharashtra have been disqualified from the Mukhyamantri Majhi Ladki Bahin scheme after failing to meet the e-KYC deadline, leading to accusations from opposition parties that the state government is reducing beneficiaries due to financial constraints.
Hyderabad Police Commissioner V C Sajjanar has proposed a Joint Working Group with the RBI and banks to address the issue of mule bank accounts used in cyber fraud. The proposal follows 'Operation Octopus,' which exposed vulnerabilities in KYC verification. Sajjanar also recommended strict directives for banks to fix accountability and adopt advanced technology to detect suspicious transactions.
A 35-year-old bank employee in Delhi has been arrested for allegedly facilitating a cyber fraud racket by opening a bank account using forged documents. The employee misused his position to help fraudsters siphon off money through a fake account, which was part of a larger scheme involving fake investment offers on social media.
The Delhi High Court denied anticipatory bail to a man accused in an organised cyber fraud case involving the transfer of approximately Rs 1 crore in cryptocurrency. The court emphasised the need for custodial interrogation to unearth the larger conspiracy and recover the cheated amount.
Hyderabad Police have apprehended 66 individuals linked to a nationwide 'ghost' SIM card network, connected to 76 cybercrime cases involving over Rs 101 crore.
Hyderabad Police Commissioner V C Sajjanar convened a meeting with bankers to address the misuse of bank accounts in cyber frauds and implement preventative measures, following 'Operation Octopus' which dismantled cyber fraud networks and led to arrests of complicit bank officials.
Under the new rules, users must take a "live selfie" using software that verifies their presence, typically through eye-blinking or head movement. The measure helps prevent the use of static photos or deepfakes.
A 78-year-old woman in Mumbai was defrauded of over 25 lakh after a scammer gained access to her mobile phone under the guise of updating her electricity bill details.
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.
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.
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 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.
Customers will qualify for compensation even if they mistakenly share the OTP.
Senior citizens are particularly vulnerable due to their high savings, trust in authorities, and limited familiarity with online frauds.
'For smaller merchants, there should be a process that is digital and a minimum KYC journey should be allowed.'
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.
'Clients deemed higher-risk are required to update their KYC more frequently.'
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 phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
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.
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.
The information containing relevant client details and photograph made available from UIDAI as a result of e-KYC process shall be treated as sufficient proof of Identity and address of the client.
The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.
The CBI has arrested Mani M. Sekhar in a Rs 8 crore bank fraud case from Indore after a nearly two-decade manhunt.
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.
Experts contend that this setback, even if temporary, could put the company at a disadvantage to its competitors in acquiring new customers.
Gaming platforms will also be required to display a warning after a certain time of usage to reduce the risk of addiction.
E-KYCs and Aadhaar authentication are of crucial importance to the fin-tech companies as the recent RBI instructions require strict KYCs for these players to function in the market.
For re-verification through Aadhaar-based eKYC process, the operator will send a verification code to the mobile number of the subscriber.
Whenever possible, the karta or head of the family should openly discuss the future distribution of movable and immovable property with all legal heirs.
Central KYC not in sync with Sebi's KRA system; regulator writes to finance ministry
Lacking basic safeguards and regulations, India is fast emerging as a hub for illegal online betting and gambling market, with the top 15 such unauthorised platforms logging an alarming over 5.4 billion visits in FY25, according to a report by public policy think-tank on consumer sovereignty.
'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
Physical KYC takes anywhere between two to five working days to get done, V-KYC, only a few minutes.
Finance ministry asks bank, insurance & market regulators to issue notifications
The KYC parameters now include declaration of the gross annual income or net worth.
