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RBI simplifies KYC norms for opening of bank accounts

Last Updated: Monday, June 09, 2014, 18:50

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.

Sebi to issue guidelines soon for crowd-funding

Last Updated: Thursday, April 10, 2014, 16:06

Crowd-funding typically involves young entrepreneurs and small groups of people raising funds for their ventures.

Shame many don't have bank A/c; KYC norms need a relook: Rajan

Last Updated: Friday, April 04, 2014, 20:19

Reserve Bank Governor Raghuram Rajan on Friday said it is shameful that so many people in India don't have access to banking, and emphasised the need to make KYC norms less bureaucratic.

RBI tightens norms for pre-paid cards; caps value at Rs 50K

Last Updated: Friday, March 28, 2014, 22:19

The Reserve Bank on Friday tightened and streamlined the norms regarding issuance of pre-paid payment instruments and capped their maximum value at Rs 50,000.

SEBI to accept UIDAI electronic KYC as address, identity proof

Last Updated: Tuesday, October 08, 2013, 18:59

Market regulator SEBI Tuesday said it will accept e-KYC (Know Your Client) service of UIDAI as a valid proof of identity and address for opening accounts with brokerage firms, mutual funds, portfolio managers and other capital market entities.

SEBI eases KYC norms for foreign investors

Last Updated: Thursday, September 12, 2013, 16:10

Making Indian capital markets an easier place to invest, SEBI Thursday relaxed registration and disclosure norms for low-risk foreign investors and exempted the low-risk overseas entities from tedious paper work.

RBI relaxes KYC norms for UCBs to cater to foreign students

Last Updated: Tuesday, September 10, 2013, 23:12

To help foreign students studying in the country to open bank accounts, the Reserve Bank Tuesday extended relaxation in mandatory know-your-customer norms to urban cooperative banks (UCBs) for this purpose.

Aadhaar card valid proof for opening bank account: FinMin

Last Updated: Wednesday, August 21, 2013, 21:59

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

Cobrapost fallout: Govt, RBI looking at hiking penalty amount

Last Updated: Thursday, May 16, 2013, 15:21

In the wake of alleged violation of KYC norms by a large number of banks, the government and RBI are looking at the possibility of hiking the penalty which can be imposed on the erring banks.

Will tweak KYC norms if required: Chakrabarty

Last Updated: Tuesday, April 23, 2013, 14:46

RBI Deputy Governor K C Chakrabarty on Tuesday said the central bank may introduce some corrective measures in KYC norms as an when necessary to check any "transaction-level aberrations" in the functioning of banks.

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

Last Updated: Thursday, March 28, 2013, 20:35

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.

Chidambaram meets Sebi board, discusses future agenda for markets

Last Updated: Friday, March 08, 2013, 19:21

Finance Minister P Chidambaram on Friday discussed with market regulator Sebi the future agenda for growth of capital markets, as also steps needed for simplified KYC norms for foreign investors.