Know-Your-Customers (KYC) norms Current Affairs - 2020

Finance Minister launched instant Aadhaar based E-KYC

On May 27, 2020, the Union Finance Minister Nirmala Sitaraman launched instant Aadhaar based E-KYC. Highlights The facility will be available for PAN applicants that possess valid Aadhaar number. They should also have a mobile number registered with Aadhaar. The process of allotting PAN is paperless and is also free of cost. Union Budget The Read More…

RBI relaxes KYC norms for Non-Banking Financial Companies (NBFC’s)

Reserve Bank of India (RBI) has relaxed Know-Your-Customers (KYC) norms for Non-Banking Financial Companies (NBFCs). In this regard, RBI has amended the KYC norms in order to remove the practical difficulties and constraints being faced by NBFC’s in getting KYC documents at frequent intervals. Previously, as per the norms it was necessary for NBFC’s to Read More…