The National Payments Corporation of India (NPCI) has announced new FASTag rules effective August 1, 2024. These rules mandate KYC updates for FASTags issued three to five years ago and the replacement of tags older than five years. Vehicle owners must also complete their KYC by October 31, 2024.
The Securities and Exchange Board of India (SEBI) has announced a relaxation of Know Your Customer (KYC) norms, aiming to simplify the existing risk management framework and enhance ease of transactions. The revised norms have been implemented in response to feedback received from stakeholders in the securities market.
The Reserve Bank of India (RBI) has issued draft guidelines to regulate offline payment aggregators (PAs), bringing them in line with existing norms for online PAs. The move aims to strengthen the safety of the payment ecosystem and prevent irregularities like those observed in Paytm Payments Bank. Key provisions include mandatory registration for non-bank PAs, enhanced KYC requirements for merchants, and restrictions on card data storage.
The implementation of new Know-Your-Customer (KYC) regulations has implications for mutual fund investors. Understanding KYC statuses and resolving on hold status is crucial for seamless investments. KYC statuses, such as Validated, Registered/Verified, and On Hold, have specific implications, and investors should take necessary steps to ensure hassle-free transactions.
KYC (Know Your Customer) procedures are essential for residents and non-residents alike. If you have not completed KYC through Aadhar Verification, it is crucial to redo it. This guide will provide you with clear instructions on how to check your KYC status and resolve any issues that may arise.
Telecom companies recycle mobile numbers that have been inactive for six months or in the case of MNP, two months after initiating a port request but not completing it. While this practice is legal and necessary to meet the increasing demand for mobile numbers, it often causes inconvenience for new users who are assigned recycled numbers and have to deal with issues related to the previous user’s accounts.
