ONLINE BANK KYC
Menace of 'money mules' and how not to become one
Mule accounts are bank accounts that are used to launder proceeds of crime by fraudsters. In an age when there are strict laws on holding or using large amounts of cash, transactions in the banking system cannot be avoided. At the same time, criminals cannot use bank accounts because KYC norms will enable authorities to link the money to the activity through which they receive it.
PM Modi releases 17th installment of the PM Kisan Samman Nidhi Yojana, disburses Rs 20,000 cr to over 9.2 cr farmers
Prime Minister Narendra Modi, during his visit to Varanasi, released the 17th instalment of the PM Kisan Samman Nidhi Yojana on Tuesday. The scheme aims to benefit more than 9.26 crore farmers with financial assistance totaling over Rs 20,000 crore. This initiative, launched in 2019, provides Rs 6,000 per year in three installments to land-holding farmers through Direct Benefit Transfer (DBT).
PM Kisan 17th installment released to eligible beneficiaries; how to check status online, reasons for rejection
PM Kisan 17th installment: Prime Minister Narendra Modi released the 17th installment of PM Kisan Samman Nidhi benefits to the beneficiary farmers in Varanasi during his one-day visit. Under the PM Kisan scheme, a direct payment of Rs. 6000 per year will be transferred in three equal installments of Rs. 2000 every four months
PM Kisan 17th installment amount to be released to eligible beneficiaries; How to check beneficiary status online
PM Kisan 17th installment: The Prime Minister has released the 17th installment of the PM Kisan benefit of around Rs 20, 000 crore which will reach 9.3 crore farmers.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
Re-KYC update of bank account: How to update KYC of bank account online in HDFC Bank, SBI, Canara Bank, ICICI Bank
How to update KYC details: Re-KYC is a procedure that allows banks and other financial organisations to stay up to date on a customer's most recent contact data and personal details. Here is how you can update your KYC details online for these top banks.
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RBI, payment industry meet discusses contours of new draft PA guidelines
The digital payments industry representatives met with senior officials of the Reserve Bank of India to share their feedback on the recently released draft guidelines for payment aggregators. This comes when US payment giant Stripe seems to be withdrawing from the domestic payments market in India.
Stripe pulls back from India; Oxyzo FY24 results
Citing stricter regulatory requirements, US payments major Stripe has shifted to an ‘invite only’ mode in India. This and more in today’s ETtech Top 5.
US payments firm Stripe pulls back from India; cites regulatory changes
Stripe has shifted to an 'invite only' mode in India for merchants, citing strict KYC requirements. The move may indicate a shift towards cross-border payments, with support for more Indian merchants expected by the second half of 2025.
New EPF rules: EPFO relaxes mandatory uploading of cheque leaf image, attested bank passbook for these cases
EPFO eases the requirement to upload image of a cheque leaf and an attested bank passbook. This move will help to expedite the settlement of claims filed online and reduce the number of claims that are rejected
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
DoT asks telcos to reverify 6.8 lakh suspect mobile connections
The Department of Telecommunications (DoT) is initiating a re-verification process for approximately 6.8 lakh mobile connections suspected of being obtained through forged documents. These connections, flagged by advanced AI-driven analysis, are believed to have used fake or invalid proof of identity and address documents. Telcos have been directed to complete the re-verification within 60 days, with failure resulting in disconnection.
How bankers are helping cybercriminals siphon your money
13 bankers, including a former Yes Bank deputy manager, were arrested for aiding cybercriminals by providing access to bank accounts for online frauds. The manager, Shaikh, opened accounts without following KYC norms. ACP Priyanshu Dewan commented on the case.
Top regulators, govt departments join forces to counter pesky calls, online fraud
Regulators such as RBI, SEBI, Trai, along with government departments like the Ministry of Home Affairs, Ministry of Consumer Affairs, and DoT, convened on May 21 to address the issue of pesky communications and online financial fraud. Discussions centered on tightening KYC rules, improving information sharing among stakeholders, and enhancing consent mechanisms. Trai's joint committee of regulators is spearheading collaborative efforts to tackle digital regulatory implications.
These midcap stocks with ‘Strong buy’ & ‘Buy’ recos can rally over 25%, according to analysts
The Q4 earning season is clearly showing its impact on parts of the market. Given the fact that the valuations are high, if there is a slight miss by the company on its expected numbers, the street is being uncharitable in its reaction. On the face of it this might appear to be negative but the fact is that the street is also rewarding the stocks where there is either a positive surprise in Q4 earnings or any of the problems are getting solved. Like in the case of some companies which are seeing the lifting of restrictions by the RBI. So the street is at equilibrium level where it clearly shows that while there is no dearth of money for performers but at the same time if the valuations are high and there is no major positive surprise then it is probably time to shed some weight. Keep an eye on the market breadth in coming days and on the mutual fund numbers which are going to come today to figure out what will be the trend of mid-caps in the short term. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". This predefined screener is only available to ET Prime users.
1.3 crore mutual fund accounts on hold due to incomplete KYC; how MF investors can check KYC status online
KYC Status check online: Many mutual fund investors are struggling with the new KYC rules. Further, most of them don't know their current KYC status and don't even know how they can check. Here is a step by step guide on how to check kyc status online and what their kyc status means.
Mutual fund investment frozen for KYC? Know who can do re-KYC online and who has to do it offline
KYC for mutual funds: It is a regulatory requirement that re-KYC be completed by many investors by April 1, 2024. Although the process of completing re-KYC is easy enough, the lack of clarity among investors is causing issues. There are reports of people's KYC getting 'registered' status and not 'validated'. Then there is the issue of using Aadhaar, etc.
In fight against online frauds, banks moot syncing systems with MHA’s cybercrime portal
This is aimed at restraining perpetrators of digital crimes and phishing attacks from quickly moving money from a target’s bank account to accounts with multiple banks before it’s withdrawn or spent — a ploy used by cyber shysters and voice phishers to make it tougher for banks and cops to salvage the funds.
Mutual fund investors: Do you need to do KYC again? Check new rules here
Many investors are discovering that their existing KYC status has become invalid. The validity is determined by the identity or address proof submitted during KYC registration. The regulator has narrowed down the list of officially valid documents (OVD) that can be used as proof. Your previously registered KYC would have been put ‘on hold’ if it was done with non-OVD documents, or your e-mail/mobile were not verified. After a change in norms from 1 April, if your KYC is not ‘validated’, you may have to repeat the process.
RBI’s stricter KYC rules may slow merchant onboarding 90%: experts
The new rules will be applicable to existing payment aggregators such as Razorpay, Cashfree, and PayU, card payment companies, such as Pine Labs, Innoviti Payments, and MSwipe, and QR code deployers, such as PhonePe, BharatPe and Google Pay.
Can KYC be done via digital mode?
It is important to note that from April 1, bank statements or utility bills will not be considered as officially valid documents to complete the KYC process.
Are you required to update your KYC by March 31 for stock and mutual fund investment?
Know Your Customer (KYC): If you have not updated your KYC by March 31, 2024 then your stock broking, demat, mutual fund, derivative, other accounts would be frozen. However as per a new circular dated March 28, 2024 existing investors satisfying a specific criteria need not update their KYC and their account would remain operational.
KYC rules to change: Uniform KYC for all — opening bank account to buying insurance to investing in stocks, mutual funds
In its recent meetings, FSDC, chaired by Finance Minister Nirmala Sitharaman, proposed to bring uniform KYC to verify customers, ease inter-usability of KYC records across the financial sector, and simplify the digitalisation of the KYC process. What is uniform KYC? How will uniform KYC ease the process of onboarding? What is going to change for customers? ET Wealth Online explains.
FASTag KYC deadline over; steps to check if your FASTag is still active
FASTag KYC deadline: If your FASTag KYC is not complete there are chances that your FASTag has been deactivated or blacklisted. Note that a vehicle with a 'blacklisted FASTag is not allowed to pay toll using FASTag at the toll plaza.
On KYC compliance front, payment aggregators may be second to some
As fintech startups try to onboard merchants faster than competition, they’re mostly conducting only the basic checks prescribed by the RBI and skipping enhanced due diligence which could help keep fraudsters away. Large payment companies are approaching KYC more as a security checklist — perhaps for cost considerations — than a monitorable mandate by the RBI.
Feb 29 last date to update FASTag KYC; step-by-step guide on how to update FASTag KYC
FASTag KYC updation deadline: The NHAI has taken this action in response to recent reports of the issuance of numerous FASTags for a single vehicle and the issuance of FASTags without KYC, which is against RBI requirement. Here is how to update FASTag KYC.
Plans afoot to digitalise KYC, curb illegal online lending
The Financial Stability and Development Council (FSDC), led by Nirmala Sitharaman, plans to digitalize the KYC process and curb unauthorised lending. Recent restrictions on Paytm Payments Bank Ltd highlight non-compliance with KYC norms. FSDC focuses on inter-regulatory coordination, stability risks, and GIFT IFSC's role as an international centre.
Atal Pension Yojana: Online facility to ease onboarding and seeding of Aadhaar for APY subscribers
The Pension Fund and Regulatory and Development Authority (PFRDA) has issued a master circular on the online facility to ease onboarding and seeding of Aadhaar for APY subscribers. The master circular was issued on January 31, 2024.
What's KYC fraud and how to stay safe from this scam
Fraudsters are continuously finding new ways to bypass these checks and steal personal information or engage in criminal activities.
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