One Mobikwik Systems Ltd. and Cred have recently initiated their individual e-rupee pilot programs in partnership with the Reserve Bank of India (RBI). This collaboration marks their distinction as the pioneering fintech platforms to join hands with the RBI for the implementation of the central bank digital currency (CBDC). Yes Bank has been selected as … Read more
The Employee Provident Fund Organisation (EPFO) emphasizes the importance of linking your bank account to your Universal Account Number (UAN) for quick access to your EPF balance, seamless transfers, and easy withdrawals. Ensuring that your UAN is seeded with your bank account is vital for the effective management of Employees’ Provident Fund (EPF) contributions and … Read more
The Reserve Bank of India (RBI) announced on Friday that users of Prepaid Payment Instruments (PPI) are now permitted to conduct UPI payments through third-party UPI applications. While UPI payments between bank accounts can be done using the bank’s own UPI app or any third-party provider’s app, UPI transactions involving PPIs must currently be completed … Read more
A tribal woman from Kandhamal district sits with social activists in front of the Odisha Assembly in Bhubaneswar, demanding better compensation for the family members of the three women who died in Kandhamal. | Photo Credit: The Hindu In November, three women died after consuming gruel made of mango kernel in Kandhamal district of Odisha. … Read more
Mutual fund KYC norms: Capital market regulator SEBI from April 1 brought in fresh regulations for KYC process for mutual fund account holders. Under the new norms, asset management companies (AMCs) will have to update KYCs of mutual fund subscribers with Aadhaar and PAN. This directive is applicable to both new and old mutual fund … Read more
New KYC changes effective from 1st April 2024 are critical for investors to understand to ensure their future and existing investments remain unhindered. The new rules mean that investors with verified or registered KYC status can continue transactions with existing mutual funds and brokers and face no restrictions. However, their KYC is considered incomplete until … Read more
In the rapidly evolving landscape of digital transactions, understanding the nuances between traditional know your customer (KYC) practices and unified KYC frameworks is important. KYC processes are fundamental in verifying the identity of customers and assessing the associated risks in financial transactions. While traditional KYC involves discrete verification procedures conducted separately by each financial institution, … Read more
To be more inclusive, Amazon Pay recently launched a video sign language Know Your Customer (KYC) service for hearing and speech-impaired customers, which involves communication through sign language, a pioneering initiative in the digital payments sector in India. The company rolled out the initiative that enables two-way video communication in sign language between Amazon Pay … Read more
Image for representational purposes The story so far: On August 17, seeking to further tackle the menace of cybercrimes and financial fraud, Union Minister for Telecommunications Ashwini Vaishnaw introduced two reforms. These entail revision of norms for bulk procurement of SIM cards and registering the final point of sale (PoS) by the licensees (or providers). … Read more
“The government will set a framework, how they need to store the data, how they need to do the KYC and whenever the government asks, the exchanges will have to provide this data, in case they find out any discrepancies, any kind of transactions which seem to be unlawful they can directly work with the … Read more