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 ...
The RBI has allowed banks to enter into DLG contracts with other lenders according to the new digital lending guidelines for 2023. Here’s what this means for banks & fintech firms.
New RBI guideline on E-mandate On 1st October 2021, RBI’s regulations on e-mandates or recurring payments via cards to strengthen the safety of card transaction became effective. As per regulatory guidelines on ‘Processing of e-mandate on cards for recurring transactions’, several requirements...
What are the new RBI guidelines for NBFC registration online? What is the market share of NBFC? What is the minimum net-owned fund for NBFC registration online? What are the limitations of NBFC in India? Under which Ministry do NBFCs fall? What is the qualification for a director of NBFC...
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 Urban Co-operative Bank. Topic: MoUs/Agreements ...
IRDAI issued guidelines for 'Bima Vahaks (BV)' with minor changes in the framework issued in May 2023. Under the new guidelines, there is no restriction on how many insurers a Bima Vahak is allowed to work with. IRDAI has removed the following clause: Work only with one life insurer,...
Akash Sinha, CEO and Co-Founder of Cashfree Payments,stated, “The PPI license opens up a new field of opportunity for innovation in the payments landscape. Our focus has always been to provide secure, flexible, and efficient payment experiences to Indian businesses and their customers.” ...
The objective of KYC/AML/CFT guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. KYC procedures also enable banks to know/understand their customers and their financial dealings better which in ...
CHAPTER – V GENERAL GUIDELINES FOR CREDIT AND DEBIT CARDS 23. General Conditions (a) Card-issuers shall keep internal records to enable operations to be traced and errors to be rectified (taking into account the law of limitation for the time barred cases) as prescribed ...
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