Tide in partnership with Transcorp International Limited, today announced the launch of India s first recycled Rupay card, along with MCT Cards & Technology Pvt. Ltd. and NPCI.
The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary.
The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information., as per the updated instructions in the Master Direction.
Domestic wire transfers of ₹50,000 and above, where the originator is not an account holder of the ordering RE, shall also be accompanied by originator and beneficiary information as indicated for cross-border wire transfers, the RBI said