Employment of third-party vendors to conduct KYC processes is another issue. They bombard customers with document requests, sometimes without a proper understanding of what is needed.
These regulations are not intervention-based or focused on incentives. Instead, strategies such as counselling or voluntary game limits could promote long-term behaviour change.
The extent of data collected at onboarding and once again at the time of updates to KYC goes beyond just verification and could potentially be used for “profiling” the customer.
Panel set up in May 2022 has recommended ways in which RBI's regulated entities can improve customer service, including easing KYC norms & removing limits on UPI transactions.
The draft amendments envision an obligation for online gaming intermediaries to verify identity of all customers when they register new account for playing games.
Is there a place for a counter-bureaucracy, or a separate and competing bureaucracy to counterbalance the force of the executive’s bureaucracy, asked author MH Mody in 1980.
With bad loans shrinking & capital buffers stronger, urban co-op banks’ new umbrella body NUCFDC is now prioritising rollout of digital transformation.
If deal goes through, Greece will be 2nd foreign country to procure vehicle. Morocco was first; TATA Group has set up manufacturing unit there with minimum 30 percent indigenous content.
Many of you might think I got something so wrong in National Interest pieces written this year. I might disagree! But some deserve a Mea Culpa. I’d deal with the most recent this week.
This KYC is a nightmare if you have two addresses or have some mismatch in even a single initial in your name! It is as if KYC process has been worked out for robots with assigned numeric values during their manufacturing process! I am stuck with my MF house KYC rejecting my KYC saying there is some mismatch!
All these procedures make the lives of genuine commoners a living hell while the one who commit fraud always have the resources to find a way out and continue to whatever they have been doing – kyc or no kyc!
Instead of forcing people to change names, drop initials in 10s of records simply allow initials in PAN database. It will save hassles to millions of South Indians
#easeofdoingbusiness #pmoindia
Ha Ha. Agreed that KYC is stupid but no less stupid was what this guy’s father had done in the past, when Finance minister. His stupid 1 in 6 rule ensured that even old widows, with a telephone in their name and income far below taxable limits had to start filing returns. Now getting a taste of his own medicine. What goes around comes around. Really nothing to choose. Ultimately all Indian governments are only out to harass the ordinary citizen whilst giving a free pass to those who can pay.
Dear Kartik,
You should understand why the process is sooo strict for the Chidambum family! It is Karma. You know – the loans your father asked banks to give to unscrupulous businessmen, the money he swindled etc. so stop cribbing and get on with the process
This KYC is a nightmare if you have two addresses or have some mismatch in even a single initial in your name! It is as if KYC process has been worked out for robots with assigned numeric values during their manufacturing process! I am stuck with my MF house KYC rejecting my KYC saying there is some mismatch!
All these procedures make the lives of genuine commoners a living hell while the one who commit fraud always have the resources to find a way out and continue to whatever they have been doing – kyc or no kyc!
Maximum government and minimum governance is the mantra of Modi Sarkaar.
Instead of forcing people to change names, drop initials in 10s of records simply allow initials in PAN database. It will save hassles to millions of South Indians
#easeofdoingbusiness #pmoindia
Ha Ha. Agreed that KYC is stupid but no less stupid was what this guy’s father had done in the past, when Finance minister. His stupid 1 in 6 rule ensured that even old widows, with a telephone in their name and income far below taxable limits had to start filing returns. Now getting a taste of his own medicine. What goes around comes around. Really nothing to choose. Ultimately all Indian governments are only out to harass the ordinary citizen whilst giving a free pass to those who can pay.
Dear Kartik,
You should understand why the process is sooo strict for the Chidambum family! It is Karma. You know – the loans your father asked banks to give to unscrupulous businessmen, the money he swindled etc. so stop cribbing and get on with the process