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 ...
A Bima Vahak shall be a legal person registered in accordance with relevant laws and appointed by the insurer. Both corporate and individual Bima Vahaks will be authorized to carry out activities such as collection of proposal information and Know Your Customer (KYC) documents and coordination of...
Lokmangal Co-operative Bank did not carry out periodic review of risk categorisation of accounts. It did not carry out periodic updation of KYC as per the risk categorisation of the customers. RBI has imposed Rs 2 lakh penalty on The Satara Sahakari Bank and Rs 1 lakh penalty on The Udgir...
Card-issuers shall ensure adherence to the guidelines on “Managing Risks and Code of Conduct in Outsourcing of Financial Services” as amended from time to time. 29. Compliance with Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing ...
Companies issuing PPIs mustcomplywith RBI guidelines. These include customer verification processes, transaction limits, and maintaining a certain level of liquidity. The RBImandatescertain consumer protection measures, including ensuring the security of transactions and offering grievance redressal mechanisms. ...
The Supreme Court of India struck down section 57 of the Aadhaar Act in 2018, effectively stating that the government cannot allow private companies to use Aadhaar-based KYC. As such, when the government tried to introduce this authentication for private companies in 2019, the petitioners took ...
Earlier, updates could only be made during the annual KYC filing. Topic: Corporates/Companies 5. LIC entered into tie-up with IDFC First Bank. LIC has partnered with IDFC First Bank under corporate agency agreement. LIC has entered into the partnership to offer online life insurance policies ...
The Reserve Bank of India (RBI) does not have any statistics on the usage of the retail digital rupee (e-rupee), as per a RTI response.
RBI imposes penalty on Paytm Payments Bank for KYC, cybersecurity violations RBI breaks silence on Paytm issue, will release FAQs on this next week RBI issues clarifications on restrictions placed on Paytm Payments Bank and its impact on Paytm ...