The Financial Stability and Development Council, chaired by Finance Minister Nirmala Sitharaman, also discussed how to end the adverse impact of unauthorised digital lending and steps to contain their spread.
The National Highway Authority of India (NHAI) has announced that it will be deactivating those FASTags for which Know Your Customer (KYC) is not done.
SP Sinha, residing in Thakurpukur, Kolkata, fell prey to a cunning phone call from a fraudulent individual posing as a bank representative from the branch where Sinha held his pension account, , fraud, kyc norms, bank fraud
RBI imposed a penalty of ₹90.92 lakh on Axis Bank for non-compliance with KYC, code of conduct guidelines. The penalty was imposed after the bank failed to preserve customer identification records, and did not obtain declarations from customers at the time of opening current accounts
"The underlying principle of the proposed directions is that the RE should ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations to customers nor impede effective supervision by the supervisory authority," the Reserve Bank of India said after proposing stricter norms for recovery of overdue loans.