KYC Archives - gamemmm12

NSE Crosses Record 10-Crore Unique Registered Investor Base

8 August 2024
by admin

New Delhi: The National Stock Exchange (NSE) on Thursday said the unique registered investor base on the exchange has crossed the ten-crore mark for the first time. The total number of client codes (accounts) registered with the leading exchange stands at 19 crore, the NSE informed.

“Following the achievement of the nine-crore mark in late February, it is commendable that the number of investors on-boarded on the exchange has increased by an additional crore within just over five months,” said Sriram Krishnan, Chief Business Development Officer, NSE.

This growth can be attributed to several key factors, including the streamlined Know Your Customer (KYC) process, enhanced financial literacy facilitated by stakeholder-led investor awareness programmes, and enduring positive market sentiment.

“Increased participation in various exchange-traded financial instruments, such as equities, exchange-traded funds (ETFs), real estate investment trusts (REITs), infrastructure investment trusts (InvITs), government bonds, and corporate bonds, underscores these contributing factors,” said Krishnan.

The registered investor base hit the one crore mark 14 years after commencement of operations. The next one crore addition took about seven years, the subsequent crore investors took about three-and-half years and the next one a little over a year.

In other words, it took over 25 years for the registered investor base to hit the four-crore mark in March 2021. The subsequent one-crore increments (from four crore to ten crore) have come through at an accelerated pace, taking on an average of about six to seven months, with the last crore added in just over five months.

During this period, daily new unique investor registrations have averaged between 50,000 to 78,000. The investor base has seen more than a three-time jump in the last five years, facilitated by rapid growth in digitisation, rising investor awareness, financial inclusion, and sustained market performance.

According to the exchange, the benchmark Nifty 50 index has generated a return of 11.8 per cent in this fiscal year (as of July 31). The Nifty 500 index has delivered a strong 16.2 per cent gain during the same period. Annualised return over the five-year period ending July has been 17.5 per cent and 21.1 per cent for Nifty 50 and Nifty 500, respectively.

Science & Environment

RBI Tightens Rules For Domestic Money Transfers

24 July 2024
by admin

New Delhi: The Reserve Bank of India (RBI) has tightened the framework for domestic money transfers in order to keep track of both cash pay-in and pay-out services. In a circular issued on Wednesday, the RBI stated that in the case of cash pay-out service, the remitting bank shall obtain and keep a record of the name and address of the beneficiary.

The circular also mentioned that in the case of cash pay-in service, the remitting banks or business correspondents shall register the remitter based on a verified cell phone number and a self-certified ‘Officially Valid Document (OVD)’ as per the Master Direction – Know Your Customer Direction 2016, as amended from time to time.

Every transaction by a remitter will also have to be validated by an Additional Factor of Authentication (AFA). “Remitting banks and their business correspondents shall conform to provisions of the Income Tax Act, 1961 and the rules/ regulations framed thereunder (as amended from time to time), pertaining to cash deposits,” the circular states.

The remitter bank shall include remitter details as part of the IMPS/NEFT transaction message, it added. The transaction message will have to include an identifier to identify the fund transfer as a cash-based remittance. The RBI also stated that the guidelines on card-to-card transfers are excluded from the purview of the DMT framework and shall be governed under the guidelines granted for such instruments.

The RBI explained that since the framework for Domestic Money Transfer (DMT) was introduced in 2011, there has been significant increase in the availability of banking outlets, developments in payment systems for funds transfers, and ease in fulfilling KYC requirements, etc. Now, users have multiple digital options for fund transfer.

The RBI said that the changes are being introduced following a review that was undertaken recently of various services facilitated in the current framework.

Science & Environment

EPFO Introduces New Rules For Cheque Leaf And Bank…

31 May 2024
by admin

New Delhi: The Employees Provident Fund Organization (EPFO) has announced a change in the requirements for uploading a validated bank passbook image or cheque leaf while filing certain claims online.

How does EPFO verify claims?

To verify claims EPFO uses verification methods instead of requiring a validated bank passbook or cheque leaf image. These methods include:

– Online Bank KYC Verification: The EPFO checks your bank’s or the National Payments Corporation of India’s (NPCI) KYC details directly. (Also Read: RBI Moves 100 Tonnes Of Gold From UK Vaults For First Time Since 1991)

– Employer Verification via DSC: Your employer can verify your bank account details using a Digital Signature Certificate (DSC). (Also Read: SEBI Bans THESE 5 Entities From Securities Markets For 3 Years: Check List)

– Aadhaar Number Verification: The EPFO validates your bank account’s Aadhaar number with the UIDAI (Unique Identification Authority of India).

This change will speed up the online claim settlement process and reduce the number of rejected claims due to missing images of attested bank passbooks or cheque leaves.

As stated in the EPFO circular from May 28, 2024 “With a view to facilitate the speedy settlement of claims filed online and to reduce the rejection of claims due to the reason of non-uploading of the image of cheque leaf/ attested bank passbook while filing claims online, it has been decided with the approval of the CPFC to relax the requirement of mandatory uploading of the image of cheque leaf/ attested bank passbook for certain eligible cases based on certain validations which include Online Verification of the Bank KYC by concerned Bank/NPCI, Verification of Bank KYC by the employer using DSC, Seeded Aadhaar Number verified by UIDAI among others.”

Has EPFO specified eligibility criteria?

They might not have detailed the eligibility criteria. Here are some possible scenarios:

Validated Bank Data: If your bank details have already been verified through KYC or another method you might not need to submit any additional documentation.

Claim Amount: The relaxed requirements might apply to claims below a certain amount.

For an EPF claim, the ideal supporting document is an original, cancelled check that clearly shows your name, bank account number and IFSC code. This document confirms your bank account details and ensured your claims are settled.

How to Submit an Online EPF Claim

You can file an online claim through the EPFO member site. Here’s a general guideline but you must always check the official EPFO website for the latest updates:

Eligibility Requirements:

– You must have a valid Universal Account Number (UAN) and be a registered member.

– Your Aadhaar number, bank account number and other Know Your Customer (KYC) details need to be seeded and validated in your UAN account.

Here’s how you can file an online claim with EPFO:

– Visit the EPFO Member Portal: Go to https://unifiedportal-mem.epfindia.gov.in/ and log in using your UAN and password.

– Navigate to the Claim Section: Once logged in, find the “Claim” section in the member portal.

– Select Claim Type: Choose the type of claim you want to submit, such as pension or full settlement.

– Verify KYC Information: Your KYC details should be pre-filled based on the data you submitted. Make sure these details are accurate, and update if necessary.

– Online Verification: Instead of uploading documents, online verification methods may be used based on the circumstances and recent relaxations.

– Upload Documents if Required: In some cases, you may still need to upload scanned copies of documents, such as a canceled check or an attested bank passbook copy. Refer to the EPFO website for the latest document requirements.

– Submit the Claim: After verifying all information, submit your claim application.

– Track Claim Progress: You can monitor the progress of your claim application through the portal.

Tag: <span>KYC</span>