New regulations for FASTags, the electronic toll collection system, will take effect on August 1, 2024, as announced by the National Payments Corporation of India (NPCI). These changes aim to enhance the system’s efficiency and security, impacting millions of FASTag users across India. FASTag rules and deadlines The most critical deadline in these new rules…
Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch has underscored the critical importance of stringent Know Your Customer (KYC) procedures in the financial services sector. Talking to media at the launch of India’s first dedicated website for passive mutual funds, she emphasized that the KYC Registration Authority (KRA) system is indispensable for…
MUMBAI: In a bid to prevent fraudsters from using the money transfer route for laundering, RBI has tightened rules for money transfers and has asked banks to obtain KYC details of remitters and beneficiaries.Earlier, RBI’s money transfer rules allowed walk-in customers without bank accounts to transfer funds subject to a transaction limit of Rs 5,000…
Mutual Fund KYC issues: Since April, several mutual fund investors have had their folios frozen due to non-compliance with Know Your Customer (KYC) norms. The Securities and Exchange Board of India instructed KYC registration agencies (KRAs) to verify mutual fund unitholders’ KYC information based on PAN, name, address, mobile number, and email IDs.The goal was…
