KYC

RBI

Rs. 1.75 Crore Penalties for KYC Violations

The RBI is getting tough for any violations on those fronts. PNB, UCO Bank, Corporation Bank, and Allahabad Bank just the latest to be slapped with fines by the RBI to the tune of Rs 1.75 Crores. These are for non-compliance with KYC requirements and opening of current accounts.

HDFC Bank

HDFC Bank fined Rs 1 Crore for KYC violations

The industry is realizing that Digital KYC solutions that combine realtime checks, tampering detection, face recognition and face liveness technologies provide the same level of time and cost efficiencies as Aadhaar eKYC.

IDfy

Video KYC can help separate customer 'identification' and 'authentication': Wriju Ray to ET Prime

The requesting entity can download the video. But how would the entity authenticate whether this is the same person transacting now? So, it could take the video and match it with the documents available with the Central KYC Repository (CKYCR)

Dream11

IDfy is Verifying Lakhs of IPL Fans Every Week for Dream11

Partnering with IDfy has helped us provide uninterrupted and hassle-free user experience, especially at the KYC stage.

Aadhaar

Aadhaar, Data, Privacy: What’s on the Cards

IDfy's legal counsel take stock of some imminent developments in the realm of Aadhaar, PMLA, and KYC regulations in January 2019.

Aadhaar

RBI Following Foreign Regulators; Fines Citibank, Bajaj Finance, Bank of Maharashtra

Complying with norms is getting real serious with global financial institutions being slapped with large fines by regulatory authorities in the first month of 2019.

Aadhaar

Aadhaar XML - How UIDAI's Offline Verification Method Works

All the resident’s demographic data is downloaded by default and the choice is illusionary. This could potentially be a larger source of personal data leakage and identity theft.

Aadhaar

Analyzing the Aadhaar (Aadhar) eKYC Bill

Essentially, the Bill clears the way for Aadhaar e-KYC, Aadhaar offline KYC, and KYC through passport or other OVDs, depending on the customer's choice.

Digital KYC

Four 'Must Haves' for RBI's Digital KYC Guidelines

Banks and Fintechs are looking for clear guidelines from the RBI for digital KYC. Here's a list of 4 must-haves for the RBI.

Digital KYC

IDfy and BeatRoute Join Hands to Digitise On-ground KYC

IDfy, a leading Regulatory Technologies solutions provider, and Beatroute Innovations, a mobile app platform for field force, are collaborating to digitise on-ground, agent-assisted KYC for telecom, banking, lending, investment, and insurance industries.IDfy’

KYC

Fintech companies are pushing tech boundaries for Digital KYC solutions

The fintech and payments industry, including banks and non-banking financial companies (NBFCs), is considering artificial intelligence (AI)-based solutions for fulfilling e-KYC (know-your-customer) requirements as there is no clear mechanism in place to verify customers digitally

UIDAI

Why the UIDAI's QR Code-based Authentication Will Not Work

With Aadhaar-data unavailable to fintechs, banks, insurers, telcos and other private enterprises after the recent Supreme Court ruling, the UIDAI has hinted that QR Code and offline Aadhaar KYC may be considered. A

KYC

Fintech Companies Looking for Digital KYC Solutions

An Economic Times article on how fintechs are looking for digital KYC solutions that do not need Aadhaar data for authentication.

KYC

The Supreme Court’s Aadhaar Verdict and What it Means for Private Companies

Organizations that embrace technology and actually upgrade their authentication processes in these times will survive and prosper in the long run. Large parts of the onboarding processes can be automated while catching more fraud than before.

KYC

The Great KYC Challenge

RBI needs to embrace technology that makes e-KYC safer and more secure while giving a boost to an emerging sector that can impact millions of people by giving them access to finance at the click of a button.

KYC

Aadhaar eKYC Authentications by RBI Regulated Entities

It's imperative for the RBI and UIDAI to frame policy and back it with technology to help businesses implement presence-less KYC and onboarding. While businesses should ensure that regulators don’t find reasons to stop them from making use of such a facility.