New Delhi, June 20 (IANS) Recent wallet inactivity notifications from PhonePe have led to increased consumer interest in digital wallets and how they function. One of the key observations from these discussions is that many users continue to assume that their PhonePe account, UPI account, and PhonePe Wallet are the same. In reality, these are different payment instruments that operate independently and serve different purposes.As digital payments become increasingly common in everyday life, unde…
Latest KYC News & Updates
Mumbai, June 19 (IANS) The National Stock Exchange (NSE) has disclosed in its draft red herring prospectus (DRHP) that a petition pending before the Bombay High Court seeks, among other reliefs, a stay on its proposed initial public offering (IPO) process and directions for greater disclosures regarding its shareholding structure.According to the DRHP filed with the Securities and Exchange Board of India (SEBI), the petitioner has sought a writ directing SEBI to decide a pending representation a…
Mumbai, June 12 (IANS) Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Friday outlined a roadmap to further deepen India’s capital markets, announcing plans to review the short-selling and securities lending and borrowing (SLB) framework, introduce bond index derivatives and issue guidelines for the responsible use of artificial intelligence (AI).Speaking at an event, Pandey said the market regulator remains focused on reducing market frictions, broadening participat…
Mumbai, June 5 (IANS) The Reserve Bank of India (RBI) on Friday imposed a penalty of Rs 41.80 lakh on Canara Bank for not complying with certain provisions of directions issued by the central bank on ‘Know Your Customer (KYC)’ and ‘Unclaimed Deposits and Inoperative Accounts in banks’.An inspection of Canara Bank carried out by the RBI revealed that the bank did not upload KYC records of certain customers onto the Central KYC Records Registry (CKYCR) within the prescribed timeline. Canara Bank a…
Mumbai, June 2 (IANS) Amid the raging controversy over the exclusion of 80 lakh women beneficiaries from the Mukhyamantri Majhi Ladki Bahin Yojana, Maharashtra Chief Minister Devendra Fadnavis on Tuesday revealed startling discrepancies uncovered during a recent Know Your Customer (KYC) exercise and database verification drive.He was speaking to reporters after the weekly Cabinet meeting held on Tuesday.When the Mukhyamantri Majhi Ladki Bahin Yojana was initially launched, the Maharashtra govern…
Jaipur, May 18 (IANS) In a major relief for citizens whose bank accounts are frozen during investigations into cyber fraud cases, the GRM (Grievance Redressal Mechanism) Module developed by the Indian Cyber Crime Coordination Centre (I4C) has emerged as an effective and transparent solution.The system has been designed to assist account holders whose bank accounts have been frozen, placed under lien or put on hold due to suspicious transactions identified during cyber crime investigations.V.K. S…
Hyderabad, April 21 (IANS) In a move to combat cybercrime, Hyderabad Police Commissioner VC Sajjanar has suggested critical changes to the banking system, stating that such reforms are imperative to dismantle organised syndicates operating across the country. In a detailed letter addressed to Reserve Bank of India Governor Sanjay Malhotra on Tuesday, the Commissioner highlighted how ‘mule accounts’ created in the names of innocent individuals have become the focal point of cyber fraud.These reve…
Indore, April 4 (IANS) In view of the ongoing nationwide LPG supply constraints triggered by global geopolitical tensions, the Indore district administration, on Saturday, temporarily suspended the supply of commercial LPG cylinders to ensure uninterrupted availability for domestic households. The decision aims to conserve existing stocks and channel them exclusively towards meeting the cooking needs of ordinary families.This move aligns with similar measures taken across several states to safeg…
New Delhi, Feb 25 (IANS) The government on Wednesday advised railway pensioners to remain vigilant against scammers who are sending messages claiming to update pension payment orders (PPOs) or service records. The Railways Ministry said that it has come to notice that certain cyber fraudsters are making fake phone calls and sending SMS/WhatsApp messages in the name of Railway officials, “seeking personal and financial details on the pretext of PPO updates, KYC verification, additional pensi…
New Delhi, Jan 1 (IANS) The government on Thursday said that annual KYC filing requirement for directors in companies has been replaced with a simpler KYC intimation once in every three years, to be effective from March 31, 2026.New Delhi, Jan 1 (IANS) The government on Thursday said that annual KYC filing requirement for directors in companies has been replaced with a simpler KYC intimation once in every three years, to be effective from March 31, 2026.The annual KYC requirement for directors i…