KYC norms News

Dr Pandey said that the PML Rules amendment makes opening bank account easier for individuals who are living in an address different from their address in Aadhaar.

Nabard saw nothing unusual in the scrapped Rs 500 and Rs 1,000 notes (worth Rs 746 crore) deposited or exchanged during November 10-14, 2016, and said that only 1.6 lakh out of 17 lakh account holders deposited the amount at an average of Rs 46,795.

"Several frauds are insider jobs or perpetrated with the abetment of insiders. Banks have to take extra care to have continuous vigil on their staff," it said.

Reserve Bank of India (RBI) has levied penalties of Rs 2 crore and Rs 1 crore on the bank in two separate incidents of non-compliances.

A senior Reserve Bank official Thursday lambasted prepaid payment instrument (PPI) providers for laxity in meeting KYC norms, saying it is leading to opacity in the movement of funds.

Markets regulator Sebi today put in place a stricter KYC and disclosure regime for Participatory Notes to make it tougher to use these offshore instruments without disclosing the money-trail and details of their users.

Share Bazar, Mandi Live, Aap Ka Bazar, First Trade, Big Debate etc.

00 AM and stay updated with the latest trends and statistics in the stock market, commodity market and share market!

Share Bazar, Mandi Live, Aap Ka Bazar, First Trade, Big Debate etc.

 Acting upon recommendations of the Special Investigation Team on black money, market watchdog Sebi plans to tighten due diligence requirements for issuance and transfer of controversy-ridden P-Notes and put the onus on investors to ensure compliance with anti-money laundering law.

The Central Vigilance Commissioner has asked the Reserve Bank of India and Indian Banking Association to remain alert on smaller forex transactions from single accounts

Rationalisation of tax rules and introduction of uniform KYC were some of the steps which were suggested by the domestic financial institutions (FIs) to promote ease of doing business and encourage retail participation in the securities market.

RBI on Wednesday slappeds Rs 4.5 crore penalty on Dena Bank, OBC and Bank of Maharashtra for violation of KYC norms.

Relaxing KYC norms, the RBI has allowed sole proprietor firms to open accounts in co-operative banks by submitting a single proof of their business.

The Reserve Bank on Tuesday penalised 16 central cooperative banks with a fine of Rs 5 lakh each for non-adherence of the Know Your Customer and Anti-Money Laundering guidelines.

The rules have been eased due to practical difficulties and constraints in getting Know-Your-Customers (KYC) documents at frequent intervals.

After allowing rural customers to trade in cash up to Rs 20,000 at one time and Rs 50,000 per annum, Sebi is now working on simplifying KYC process for them in a bid to bring more such investors to capital markets.

RBI on Wednesday imposed a penalty of Rs 50 lakh on ICICI Bank and Rs 25 lakh on Bank of Baroda for violation of KYC norms after they allowed opening of accounts in the name of a statutory body by fraudsters.

The RBI has directed regional rural and central cooperative banks to partially freeze bank accounts of those customers who have not complied with the Know Your Customer (KYC) norms.

A bank account can be opened with just one address proof, permanent or local, says an RBI decision that will help migrant workers and employees with transferable jobs who at present face cumbersome procedure to access banking services.