1.2 Definition of Customer For the purpose of KYC policy, a 'Customer' is defined as: • a person or entity that maintains an account and/or has a business relationship with the bank; • one on whose behalf the account is maintained (i.e. the beneficial owner); • beneficiaries of...
The Home Loan application process involves navigating a set of mandatory rules and regulations to ensure a transparent and responsible lending environment: Know Your Customer (KYC) One of the initial steps in your Home Loan application is submitting the KYC documents. These documents include proof of...
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 are mandated for processing ...
Speaking on the effectiveness of these regulations, he asserted that while they penalize SEBI-registered entities for directly or indirectly liaising with finfluencers, this may be difficult to achieve. “This might be like saying that when someone else in your neighbourhood is behaving in an ill-...
Speaking on the effectiveness of these regulations, he asserted that while they penalize SEBI-registered entities for directly or indirectly liaising with finfluencers, this may be difficult to achieve. “This might be like saying that when someone else in your neighbourhood is behaving in an ill...
RBI imposed a monetary penalty of ₹1.00 lakh on Mangal Co-operative Bank Limited, Mumbai for non-compliance with RBI’s directions on ‘Maintenance of Deposit Accounts’ and ‘Know Your Customer (KYC)’. Topic: Banking System 2. India’s first eco-friendly debit card has been launched by...
Our solutions enable compliance with RBI VCIP, state stamping laws & NPCI regulations. Additionally, our security architecture complies with 15+ global certifications, including GDPR, ISO, HIPAA, FERPA, GLBA, CCPA & more. Our products help maintain a robust virtual audit trail for loan documentati...
once your kyc is successfully completed, we will provide details of a lender escrow account managed by a bank-appointed trustee. you will transfer your lending funds to this account. this escrow and trustee mechanism is required by regulations for all p2p lending platforms. when do i start ...
Adherence to RBI regulations is a must Checklist for Directors & Shareholders for NBFC Registration Minimum of two directors required Minimum of two shareholders required Must be financially sound Must have a clean legal history Should meet the Fit and Proper eligibility criteria set by the RBI Sho...
Sebi tightens regulations for SME listing, widens UPSI definition Sebi extends futures trading ban on seven agri-commodities till Jan 2025 18-12-2024 Only 6.68% of population filed income tax return in FY24: Govt tells House RBI lifts restrictions on Edelweiss Group companies with immediate effect...