The essential element of KYC for Banks was to effectively control and reduce their risks by having an understanding of customer's activities, which could help Banks in identifying transactions that fell outside the regular pattern of activity. Banks were required to ensure periodic review of risk ...
The Bank must also carry out on-going due diligence. A bank must update an AePS touchpoint operator’s KYC, if they have not performed any financial transaction for a continuous period of six months. Further, theNPCI and the banks must ensure that an AePS touchpoint operator is onboarded ...
Paytm Payments Bank was instructed by the RBI on January 31 to cease taking deposits or top-ups in any customer accounts, wallets, FASTags, and other devices after February 29. The deadline was later extended to March 15. The allegations involved violations of different norms including KYC. F...
were mulling ex-ante competition laws, he cautioned that the effectiveness of these frameworks was still uncertain. He also recommended strengthening ex-post competition laws, such as recent developments in India like the new merger review regime for the digital economy, settlement norms, and third-...
Comments Be the first to leave a comment. Your are not logged in . Please login to post comments. Click here to Login / Register
RBI drafts liquidity norms, adding buffers for electronic fund transfers RBI tightens domestic transfer rules: KYC must for walk- in money transfer DLAI adds former RBI execs to advisory council, aims for SRO-FT recognition 25-07-2024
RBI Circular on KYC Norms, AML Standards and Combating of Firaj kumar makkadEmail thisPrint this
guidelines issued so far," the central bank said.The last time it issued these norms was in April 2009, under Section 18 of the Payment and Settlement Systems Act of 2007.As per the new conditions, which will supersede the existing norms, the maximum validity of the prepaid instruments ...
Vivina Vishwanathan