All posts tagged: KYC

Supreme Court says digital access fundamental right, directs KYC reforms for disabled, acid attack survivors

Supreme Court says digital access fundamental right, directs KYC reforms for disabled, acid attack survivors

Published by Webster

The Supreme Court has ruled that digital access is an essential part of the right to life under Article 21 of the Constitution and directed the Centre to revise KYC guidelines to make them accessible to persons with disabilities and acid attack survivors. New Delhi: The Supreme Court on Wednesday ruled that digital access is a fundamental aspect of the right to life under Article 21 of the Constitution, and ordered sweeping changes in digital Know Your Customer (KYC) guidelines to ensure accessibility for persons with disabilities and acid attack survivors. A bench of Justices J.B. Pardiwala and R. Mahadevan issued 20 directions to make digital KYC procedures inclusive. The move comes in response to difficulties faced by individuals with disabilities, particularly visual impairments and facial disfigurements, in completing KYC processes that require actions like facial alignment or head movement. The court observed that such design flaws prevent affected individuals from opening bank accounts, accessing government welfare schemes, or verifying their identity, leaving them unfairly excluded from the digital ecosystem. Justice Mahadevan, delivering the verdict, …

FIU-IND Reportedly Sets June 30 Deadline for Crypto Exchanges to Redo KYC Verification

FIU-IND Reportedly Sets June 30 Deadline for Crypto Exchanges to Redo KYC Verification

Published by Webster

The Financial Intelligence Unit of India (FIU-IND) has reportedly instructed all crypto exchanges to verify the know your customer (KYC) data collected from users based in India, by the end of June. The KYC details that are older than 18 months will need to be refreshed by all operational exchanges. Mudrex and Pi42 confirmed the development to Gadgets 360 on Friday. The aim of this step is to maintain accurate details of crypto holders, while also identifying the flouters of the national crypto tax laws. The FIU has observed that many crypto users as well as exchanges are neglecting the one percent TDS deduction law on crypto transactions, The Economic Times reported, citing anonymous sources. The agency now plans to tighten its oversight over crypto activities. Bharat Web3 Association (BWA), which is an independent crypto advisory body based in New Delhi, said this directive underscores India’s push for regulatory accountability in the Virtual Digital Assets (VDA) space. “The FIU-IND has directed all registered VDA exchanges to enhance KYC compliance by June 30, 2025, under the …

RBI imposes penalties on HDFC Bank, Punjab & Sind Bank

RBI imposes penalties on HDFC Bank, Punjab & Sind Bank

Published by Parlour News

The Reserve Bank has imposed penalties on HDFC Bank and Punjab & Sind Bank for deficiencies in regulatory compliance. File | Photo Credit: Reuters The Reserve Bank on Wednesday (March 26, 2025) said it has imposed penalties on HDFC Bank and Punjab & Sind Bank for deficiencies in regulatory compliance. A penalty of ₹75 lakh on HDFC Bank has been imposed for non-compliance with certain directions issued by RBI on ‘Know Your Customer’ (KYC), the central bank said in a statement. In another statement, the RBI said a penalty of ₹68.20 lakh has been impose on Punjab & Sind Bank for non-compliance with certain directions on ‘Creation of a Central Repository of Large Common Exposures – Across Banks’ and ‘Financial Inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)’. The Reserve Bank of India has also imposed a penalty of ₹10 lakh on KLM Axiva Finvest for non-compliance with requirements relating to declaration of dividends. In all cases, the central bank said the penalties are based on deficiencies in regulatory compliance …

Failing PDS beneficiaries in Odisha

Failing PDS beneficiaries in Odisha

Published by Parlour News

A tribal woman from Kandhamal district sits with social activists in front of the Odisha Assembly in Bhubaneswar, demanding better compensation for the family members of the three women who died in Kandhamal. | Photo Credit: The Hindu In November, three women died after consuming gruel made of mango kernel in Kandhamal district of Odisha. The tragedy has brought issues surrounding the implementation of the National Food Security Act, 2013, in the State into the limelight. The Bharatiya Janata Party (BJP) government in Odisha is facing criticism for stalling the public distribution system (PDS) on technical grounds, leading to deprivation among marginalised communities. In 2001 too, 24 Adivasis lost their lives in Rayagada district due to the same reason. The fact that hunger deaths are re-emerging in Odisha after more than two decades is telling. Mandipanka village in Kandhamal, where the recent tragedy took place, is dominated by the Kandha Adivasi community. The area is plagued by poverty and deprivation with limited welfare interventions. The inhabitants primarily depend on agriculture and forest produce to eke …

Why is KYC Important for Online Rummy Players?

Why is KYC Important for Online Rummy Players?

Published by Webster

Know Your Customer (KYC) protocols are very important, especially with the ever-changing nature of online gaming such as rummy. Playing this common card game which is also offered in some digital platforms for cash prizes, makes one recognize the importance and advantages of KYC to all stakeholders’ safety. Understanding KYC in Online Rummy KYC stands for “Know Your Client”; a regulation put in place to confirm that individuals using cyberspace services are who they claim to be. In most cases, rummy players provide essential personal information and submit documents containing their governmental photo identifications and proof of address. It is important to note that this process, although inconveniencing, acts as a form of protection from different kinds of risks. By identifying the largest source of illegal activities in online rummy, KYC can prevent both money laundering as well as fraud. This is because, for years now, businesses within the gaming industry have been known to be prone to scammers. The introduction of strong KYC protocols in their operations helps prevent criminal activities through rummy apps …

Non-completion of KYC details deprives poor people of their money in Jharkhand

Non-completion of KYC details deprives poor people of their money in Jharkhand

Published by Parlour News

Bhola Oraon, a resident of Kandra in Lohardaga district of Jharkhand, is unable to access his frozen bank account owing to misspelt names in different documents. | Photo Credit: Special arrangement Socio-economic activist Jean Drèze and his team members have conducted surveys in Jharkhand’s Latehar and Lohardaga where they found that countless people are unable to withdraw money from their bank accounts because the accounts have been frozen until they complete “KYC” formalities. The victims of this mass freezing of bank accounts include elderly pensioners who depend on their meagre pensions, children who receive scholarships, and women entitled to ₹1,000 per month under Jharkhand’s new Maiya Samman Yojana. Mass freezing Amid the Assembly election in Jharkhand, recent surveys conducted in October in Latehar and Lohardaga districts by local NREGA Sahayata Kendras revealed the victims of the mass freezing of bank accounts. The survey teams went door to door in three small villages of Manika block in Latehar district (Dumbi, Kutmu and Uchvabal) and four villages of Bhandra and Senha blocks in Lohardaga district (Booti, Dhanamunji, …

KYC app will help voters know the candidates better

Published by Parlour News

Voters can use the KYC (Know Your Candidate) app to learn more about the candidates for the Lok Sabha elections, Chief Electoral Officer (Kerala) Sanjay Kaul has said. The KYC app is designed with the aim of ensuring transparency in the Lok Sabha elections and helping voters make informed decisions about the individuals aspiring to be their representatives. The app allows voters to access information about all the candidates in their constituency. This includes their criminal background, nature of the alleged crimes, and current status of the cases. Voters can also download affidavits submitted by the candidates along with their nomination papers. The app is available on both Android and iOS platforms and can be downloaded from the Google Play Store or the Apple App Store. After installing the app and selecting Lok Sabha elections, users can enter their constituency to view information about the candidates. Users can also search for candidates by name. With more information in hand, voters will be able to make informed choices, thereby improving democracy, Mr. Kaul said. Information about …

In Jodhpur, Royal Legacy Shapes Political Landscape

Published by Webster

Jodhpur Lok Sabha Seat Jodhpur, a significant Lok Sabha constituency in Rajasthan, has seen a rich electoral history marked by intense competition between political parties. The constituency, which comprises eight assembly seats, holds a unique political landscape, with one assembly seat in Jaisalmer district and the remaining in Jodhpur. Jodhpur KYC Electoral Composition The electorate of Jodhpur reflects a blend of rural and urban demographics, with rural areas constituting 58 per cent and urban areas 42 per cent of the total constituency. Additionally, the Scheduled Castes (SC) and Scheduled Tribes (ST) communities represent 15 per cent and 3.9 per cent, respectively. In terms of religious demographics, Hindus form the majority with 80 per cent, followed by Muslims at 15 per cent, and other religious groups at 5 per cent. Jodhpur MP Political Dynamics Over the years, Jodhpur has been a battleground for political supremacy, seeing a tug-of-war between the Congress and the BJP. Former Chief Minister Ashok Gehlot, a stalwart in Rajasthan politics, has won from this constituency five times. Despite being the Congress’s stronghold …