KNOW ALL ABOUT : KYC
Completing KYC formalities is a major hurdle for investors to get into mutual funds. Moreover, the KYC rules are always changing. Here are some ET stories to help you keep abreast of the new rules in being KYC compliant.
Irdai permits insurers to conduct video-based KYC
The objective of the Video-based Identification Process (VBIP) is to leverage various electronic platforms to simplify know your cu...
Buying insurance during coronavirus pandemic? Here's how video-based KYC will benefit policyholders
The Insurance Regulatory and Development Authority of India (IRDAI) announced recently that it will soon allow insurance companies to use real-time video-based authentication methods to vet customer credentials for new onboardings.
EPFO updates KYC details of 73.58 lakh members in Apr-Jun
Further, to enable KYC seeding on such large scale, the Employees Provident Fund Organisation (EPFO) has also undertaken massive exercise of rectifying the demographic details of subscribers even during the lockdown phase.
How to complete KYC process in your EPF account
If your EPF account is not KYC compliant, then the EPFO can reject the request raised by you and ask you to first make your account KYC compliant.
Return of Aadhaar-based e-KYC to make life easier for mutual fund investors
Mutual fund distributors who want to undertake Aadhaar authentication services through KUAs (KYC User Agency) should enter into an agreement with the KUA. They should also get themselves registered with UIDAI as sub-KUAs.
NBFCs can use Aadhaar-based bank KYC to give loans
Recently, the government amended the Prevention of Money Laundering (PMLA) Act to allow digital KYC.
With customers’ nod, banks keep using Aadhaar for e-KYC
For instance, Canara Bank executive director M V Rao said the bank is continuing to do Aadhar-based e-KYC with customer consent.
UIDAI asks telcos to submit plan to discontinue Aadhaar-based eKYC
A circular to this effect has already been issued to the telecom service providers (TSPs), including Bharti Airtel, Reliance Jio, Vodafone Idea and others.
Airtel rolls out 'alternate digital KYC' in select circles for new connections
The process has begun with select circles including Delhi, UP (East) and UP (West) and will be extended to other locations shortly.
Treat Virtual ID, UID token as Aadhaar number: UIDAI to agencies
The VID is a temporary 16-digit, randomly-generated number that Aadhaar holder can share for authentication or KYC services.
Aadhaar not mandatory, but it can make your financial life easier
If you want to invest in mutual funds online, Aadhaar-based KYC process is much easier compared to a process that asked for scanned copies of documents.
Paytm offers non-KYC users option to use gift vouchers
These gift vouchers won’t let you send money to others or send it back to your bank accounts. They also come with an expiry date of one year.
IRDAI to soon allow insurance companies to use video-based authentication modes
The move comes at a time when regulators across the board are easing compliance processes during the ongoing coronavirus pandemic to minimize physical contact in line with the new hygiene and social protocols.
Checklist of things to do before you start investing
The KYC step is mandatory to proceed with any financial investment. Identification documents such as PAN, Aadhaar, passport and address proof should be kept handy so that one can provide copies at the time of investing.