Know Your Customer

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

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.

Sep 11, 2017, 16:42 PM IST
RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-op Bank for violations of KYC norms

RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-op Bank for violations of KYC norms

Bombay Mercantile Co-operative Bank was imposed with a penalty of Rs 75 lakh by the Reserve Bank of India on Thursday for violations of norms related to KYC and anti-money laundering.

Jan 19, 2017, 20:29 PM IST
Attention Punjab National Bank customers: Update KYC by October 1, or face account block

Attention Punjab National Bank customers: Update KYC by October 1, or face account block

State-owned Punjab National Bank (PNB) has asked its customers whose accounts are due for KYC update to do so by October 1, failing which it may block all their banking transactions.

Sep 25, 2016, 10:41 AM IST

MFs to give KYC details of new investors by November 1

Mutual Fund houses will have to mandatorily provide additional KYC informations pertaining to gross annual income and net worth of new investors by November 1, as also their 'beneficial ownership' details.

Oct 29, 2015, 21:33 PM IST
Domestic investors, MFs pitch for easier taxation, uniform KYC

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.

Oct 21, 2015, 16:57 PM IST

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.

Mar 31, 2015, 23:27 PM IST

Money laundering: Over 480 urban cooperative banks under RBI lens

Over 480 urban cooperative banks across the country have come under the scanner of the Reserve Bank of India (RBI) for alleged violation of anti-money laundering laws.

Mar 09, 2015, 16:38 PM IST

RBI refuses to share inspection reports with intelligence agencies

The Reserve Bank of India (RBI) has refused to share its banks' inspection reports on alleged money laundering laws and other violations with Central Economic Intelligence Bureau (CEIB), citing legal hurdles.

Mar 03, 2015, 14:35 PM IST

Govt to test UIDIA's e-KYC for mobile SIM

Getting mobile SIM activated for Aadhaar number holders may be a matter of few minutes in the coming days as government has decided launch a pilot project to test UIDAI's electronic-Know-Your-Customer service.

Dec 17, 2014, 21:27 PM IST

Accept self-attested documents to open account: RBI to banks

The Reserve Bank on Tuesday relaxed 'know your customer' norms by allowing self-certification of documents needed for opening bank accounts.

Sep 30, 2014, 15:37 PM IST

RBI releases note, poster on KYC to help public open accounts

Reserve Bank on Tuesday released a note and a poster to increase awareness about Know Your Customer (KYC) norms for opening bank accounts.

Aug 26, 2014, 22:30 PM IST

SEBI board approves sharing KYC details with fin regulators

To ensure common Know-your-Client system for the entire financial sector, SEBI board on Thursday approved the proposal for sharing KYC details with entities regulated by other financial sector watchdogs.

Jun 19, 2014, 17:48 PM IST

SEBI notifies norm to make KYC process easier for investors

Making know-your-client process easier for investors, SEBI has notified a net set of norms that allow various market entities such as brokers and MFs to get details from centralised KYC agencies, rather than carrying out a fresh KYC verification procedure.

Mar 19, 2014, 22:57 PM IST

The MobileStore offers EMI to users without credit cards

The personal finance option, introduced in Mumbai, Delhi, Pune, Kolkata and Chennai, will allow consumers to buy smartphones by submitting their Know Your Customer (KYC) documents, The MobileStore (TMC) said in a statement.

Jan 20, 2014, 15:50 PM IST

Aadhaar card valid proof for opening bank account: FinMin

Aadhaar card is a valid proof for opening a bank account under the know your customer (KYC) norms, government said Wednesday.

Aug 21, 2013, 21:59 PM IST

RBI warns banks to strictly follow KYC norms or face action

Concerned over violation of anti- money laundering norms by banks, the RBI Friday warned them to meticulously follow its instructions with regard to walk-in customers while selling insurance, mutual fund, gold and other products above Rs 50,000 or face action.

Jul 12, 2013, 21:41 PM IST

KYC norms for SHGs eased, all members need not be verified

To address problems faced by Self Help Groups during opening of savings bank accounts and credit linking, the RBI on Wednesday simplified KYC norms for them by stating that verification of all SHG members is not required.

Mar 28, 2013, 20:35 PM IST

Govt working on having common KYC norms for FIIs: FM

To attract more overseas investment into the country, government is working on bringing new norms for a common KYC for foreign institutional investors, Finance Minister P Chidambaram said Monday.

Mar 11, 2013, 15:42 PM IST

RBI eases KYC norms for money changing activities

The Reserve Bank Wednesday eased the 'Know Your Customer' (KYC) norms for money changing activities.

Jan 02, 2013, 21:46 PM IST

Multiple LPG connections without KYC will entail cancellation

Cooking gas (LPG) consumers with multiple connections who do not submit Know Your Customer (KYC) forms by month end will lose subsidised LPG supply and will be charged commercial rates, the government said Friday.

Dec 07, 2012, 20:43 PM IST