Tag: KYC

Demat, trading accounts with pending KYC to be deactivated. What you need to do

Investors with demat accounts or trading accounts have been advised by depositories to complete their know-your-customer details by July 31. Failure to do so would...

Co-op banks shall not outsource core management functions: RBI

The Reserve on Monday directed cooperative banks not to outsource core management functions such as policy formulation, internal audit and compliance, compliance with KYC norms,...

Rental payments to relatives may invite the taxman’s scrutiny

I worked for Company A for two years before joining Company B. I left Company B just three months after joining. I have two PF...

How to get a better price while selling gold jewellery

Many people opt to sell their gold jewellery when in need of emergency cash. Currently, due to the ongoing pandemic, the number of such people...

Sovereign gold bond issue price fixed at Rs 4,889/gm; subscription to open on Monday

MUMBAI: The issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from May 31, has been fixed at...

Navigating the transmission of MFs after a loved one’s demise

What is transmission? Transmission is the process of transferring ownership of mutual funds on the death of a unit holder. It is done so that...

RBI refrains banks from acting against KYC non-compliant accounts till December

NEW DELHI : Taking cognizance of the problems bank customers were facing, the Reserve Bank of India (RBI) has “advised” financial institutions to not take...

Upstox data breach: Upstox alerts users of data breach; says funds, securities remain safe

MUMBAI: After attacking Indian start-ups and unicorns, hackers have now started targeting stock broking firms. Upstox, India’s second largest broking firm in terms of number...

How to verify your lending partner when taking a loan via mobile app

When the need for an immediate loan arises, the urgency of the situation may not permit a thorough authentication of the lender. However, this can...

Centre, Twitter India get SC notice on plea seeking mechanism to regulate content spreading hate

New Delhi: The Supreme Court on Friday sought responses from the Centre and Twitter India on a plea seeking a mechanism for regulating content and...

Home loan ticket size up to over Rs 26 lakh in 2020 on incentives, non-metro demand growth: Report

New Delhi: The average home loan ticket size increased to over Rs 26 lakh in 2020 despite the pandemic as Pradhan Mantri Awas Yojana (PMAY),...

Video KYC lets more customers open bank accounts from home

Banks are fast adapting to this new reality, even for services, such as opening a bank account, that traditionally required customers to visit a bank....

EPFO updates KYC details for over 73 lakh members during April-June

Amid novel coronavirus outbreak and subsequent nationwide lockdown in order to curb the virus spread, retirement fund body EPFO has updated Know Your Customer (KYC)...

New-age banking for minors can make them money savvy

Keeping children’s digital savviness in mind, two companies have launched new-age banking services for minors. Fino Payments Bank’s product is called Bhavishya Savings Account. While...

How lenders are preparing for surge in gold loan demand

Lenders are renewing focus on gold loans expecting that there could be a higher demand for this product in the coming months as small businesses...

Private lenders resort to video KYCs for opening accounts

MUMBAI : At least four private sector lenders– Kotak Mahindra Bank, IndusInd Bank, RBL Bank and IDFC First Bank — have started using video for...