The Corporate Affairs Ministry has deactivated more than 19 lakh director identification numbers (DIN) as the individuals concerned failed to file KYC details under the companies law.
The circular mentions about the requirements to be fulfilled by entities registered with the UIDAI as KYC User Agency (KUA) as well as for sub-KUA.
SBI KYC Online: Nowadays, Know your customer or KYC has become an important part of the banking system as per the RBI's norms. In fact, not adhering to KYC norms can also lead to heavy penalties being slapped on the offending banks.
With the Reserve Bank of India (RBI) extending the deadline for mobile wallets to become fully Know Your Customer (KYC) compliant, people using PhonePe, Paytm, Amazon Pay or other such wallets will have no troudble doing their transactions as usual at least till February 29, 2020.
The government, last week, had notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts, and had also spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.
Are you Paytm account holder and often do the online transaction through a bank or UPI then you need to be careful. In the latest notification, Paytm has warned its account holders or online bank frauds and have asked them to be alert and be careful from the scammers
Announcing a slew of measures to boost the economy, the government said the Depository Receipt Scheme 2014 is expected to be operationalised soon by Sebi. "This will give Indian companies increased access to foreign funds through American Depository Receipt (ADR)/ Global Depository Receipt (GDR)," she said.
If you are Paytm, PhonePe or any other mobile wallet then this news is important for you. According to the latest notification from Paytm, PhonePe , if any user fails to update their Know Your Customer (KYC) before the last date then their mobile wallet could get inactive. As per reports if you don't then get KYC done by the end of this month i.e August 31st or else you will not be able to pay from next month i.e September 1st.
Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.
The government deactivated director identification numbers (DINs) of more than 16.7 lakh individuals till the end of November, as they failed to comply with KYC requirements.
Physical Aadhaar card can be used for verification in an offline mode if produced voluntarily, the UIDAI clarified.
In a three-page circular, the DoT said Aadhaar e-KYC cannot be used for verifying existing customers as well as giving new SIM connections.
The latest move by the Corporate Affairs Ministry also comes at a time when the government has intensified the crack down on shell companies, which are suspected to be conduits for illicit fund flows.
Till now, an Officially Valid Document (OVD) for address proof together with Permanent Account Number (PAN) issued by the Income Tax department and a recent passport size photograph were the key KYC documents.
Using the newly launched feature, cardholders will be able to generate their 'Virtual ID' for various purposes including SIM verification.
Oil ministry claimed that Rs 167 crore of LPG subsidies had been deposited in the accounts of Airtel Payments Bank without the customers knowing that such accounts had been opened.
The UIDAI has temporarily barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based SIM verification of mobile customers using eKYC process as well as e-KYC of payments bank clients.
In effort to simplify the process, Pension Fund Regulatory and Development Authority (PFRDA) has taken a big step to make NPS account opening completely paperless. PFRDA in October 2013, had allowed acceptance of e-KYC as
Following the RBI’s circular to banks exempting KYC-compliant accounts from scrutiny even if the deposited amount exceeded Rs 5000, banks today began accepting the junked Rs 500 and Rs 1000 notes without any questions. With
Two days after imposing restrictions on deposit of demonetised currency notes in banks, the Reserve Bank of India today rolled bank the provision for accounts that are compliant with the KYC norms. According to a
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