Largely, the directions call for conducting KYC through Aadhaar number or Permanent Account Number (PAN). A bank that onboards an operator can conduct KYC using business or financial documents or documents equivalent to Aadhaar, such as passport, drivers licence, etc. in certain cases. However, ...
RBI Fines Belstar Microfinance for KYC Non-compliance Here’s how RBI’s draft directions for Payment Aggregators would impact both payment providers and merchants RBI’s New Guidelines May Deter Small Sellers from transition to digital payments For You On July 31, the Bombay High Court directedmu...
Those applicants who have been approved by the Reserve Bank to have major shareholding but are yet to complete the approved acquisition. Protean eGov Technologies, formerly NSDL e-Governance Infrastructure, has got the RBI’s approval for its wholly-owned subsidiary to operate as an account aggreg...
You can apply either online or offline. In the online procedure, you can apply for FRSBs on your bank’s official website, while for an offline application, you can visit your bank branch. Keep in mind that in case of online application, neither joint account nor minor applicant is permit...
There are 11 types of NBFCs including Investment and Credit Company, Infrastructure Finance Company, Core Investment Company, Micro Finance Institution, Account Aggregator, Peer to Peer Lending Platform and Housing Finance Company. Monthly Banking/ Financial Awareness Books ...
Account Aggregator ecosystem goes live with 8 banks and multiple fin-tech firms STAY ON TOP OF TECH NEWS:Our daily newsletter with the top story of the day from MediaNama, delivered to your inbox before 9 AM. Clickhereto sign up today!
The RBI said it was making efforts to address UPI downtime and noted that this downtime has been continuously below 1%.
2. The deadline for payment aggregators to meet the guidelines on volumes of UPI transactions has been extended by two years. Topic: Awards and Prizes 1. Canara Bank has won the Banker’s Bank of the Year Award 2022 for the India segment at the Global Banking Summit. ...
Firstly, while opening a bank account, customers authenticate their phone number with their UIDAI and PAN number which gives a “three point check.” Additionally banks also have access to Bureau data and demographic data and transaction history through account aggregators. Banks also conduct ...