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KYC norms News

14 Nov 2019

Aadhaar KYC Norms eased, but not for this reason; read the details

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.

22 Jun 2018

No unusual deposits in Ahmedabad DCCB during demonetisation: Nabard

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.

Know Your Customer

11 Sep 2017

Not KYC, 'know your employee' too to check frauds: CVC to banks

"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.

01 Aug 2017

Taken corrective action to comply with KYC: Union Bank

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.

06 Oct 2016

RBI official lambasts wallet players on KYC norms

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.

10 Jun 2016

Sebi issues stricter KYC, disclosure regime for P-Notes

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.

13 May 2016

SEBI likely to take strict action on P-Notes in its meeting on 20th May

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13 May 2016

SEBI to strict its norms on P-Notes

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13 May 2016

SEBI to make KYC compulsory for investments

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13 May 2016

Sebi to tighten KYC, transfer norms for P-Notes

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.

Central Vigilance Commissioner

23 Oct 2015

Remain alert on smaller forex transfers from single accounts: CVC to RBI, IBA

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

Finance Ministry

21 Oct 2015

Domestic investors, MFs pitch for easier taxation, uniform KYC

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.

29 Apr 2015

RBI slaps Rs 4.5 crore penalty on Dena Bank, OBC, Bank of Maharashtra

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

05 Apr 2015

Easier KYC norm for sole owner cos to open co-op bank accounts

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.

31 Mar 2015

RBI imposes Rs 5 lakh fine on 16 banks for violation of norms

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.

02 Jan 2015

RBI eases KYC norms for NBFCs

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

18 Dec 2014

Sebi to simplify KYC norms for rural investors

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.

17 Dec 2014

RBI slaps Rs 50 lakh penalty on ICICI Bank, Rs 25 lakh on BoB

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.

02 Nov 2014

RBI asks rural banks to partially freeze KYC non-compliant a/c

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.

09 Jun 2014

RBI simplifies KYC norms for opening of bank accounts

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.

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