RBI imposed a monetary penalty of ₹75 lakh on HDFC Bank over non-compliance with KYC norms. The RBI had also conducted a statutory ‘Inspection for Supervisory Evaluation’ of the bank ...

has found HDFC Bank did not comply with certain directions mentioned in the RBI’s Know Your Customer (KYC) master direction and hence imposed a monetary penalty of Rs 75 lakh on the bank.

Speaking at an event in Mumbai on Wednesday, RBI Governor Sanjay Malhotra said there is a need to make the KYC system more robust. Read on to learn more about this news. “We all need to put our heads ...

Currently, financial institutions mandate a uniform KYC process for their customers regardless of risk. "The changes would align both Reserve Bank of India regulations and broader PMLA compliance ...

Upon reviewing HDFC Bank’s response and additional submissions, RBI identified two critical areas of non-compliance: Risk categorisation failure: The bank failed to categorise certain customers ...

They will also need to ensure timely KYC updates at regular intervals, as directed under the RBI’s KYC norms. The new rules will enable a minor of any age to be able to set up and operate a savings or ...

This instruction issued by the Reserve Bank of India is for those Punjab National Bank customers who have not yet updated their KYC. Initially, customers were required to update their KYC by March ...

Reserve Bank of India (RBI) Governor Sanjay Malhotra ... onboarding and due diligence processes. “The digital know-your-customer (KYC) and video KYC are shining examples of this.

Mumbai: New rules pertaining to minors' deposit accounts have been published by the Reserve Bank of India (RBI ... must perform customer due diligence (KYC) and Continue to keep a close eye ...

In celebration of Earth Day, a holiday usually meant to celebrate the planet we all live on and its natural beauty, a terrifying new poster and new teaser for Alien: Earth have just dropped.

Keeping due diligence in mind while ensuring customer rights and convenience, Reserve Bank of India (RBI) Governor Sanjay Malhotra ... onboarding and due diligence procedures. The Digital Know Your ...

The Central government mandates e-KYC for all ration card holders to ensure transparency and prevent misuse of the Public Distribution System. The deadline is March 31, 2025. Failure to comply ...