Know Your Customer Current Affairs, GK & News

Migrants can change address by giving self-declaration

The government has allowed migrants to change address on Aadhaar by giving self declaration. It will help them open bank account and promote financial inclusion. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules as per the gazette notification issued on 13 Nov. This move will allow an individual to ..

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Steering Committee on Fintech-related issues suggests new laws for consumer protection

The Steering Committee on fintech-related issues has recommended a new legal framework for consumer protection and has also suggested new cash flow-based financing options for micro, small and medium enterprises. What has happened? A new panel established to explore issues related to the financial technology (fintech) has submitted a report to the Finance Minister of ..

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Union Cabinet approve an MoU between India and Singapore to constitute a Joint Working Group (JWG) on fintech

The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) signed between India and Singapore in June 2018 on the constitution of a Joint Working Group (JWG) on FinTech. As per the pact, both countries will improve their regulatory connect to exchange best practices ..

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Financial Literacy Week starts with theme ‘Customer Protection’

Reserve Bank of India is conducting Financial Literacy Week from June 4 on the theme ‘Customer Protection’. The week-long event is to focus on creating awareness among customers of banks. According to RBI, the event will emphasise on awareness about different financial products, services, digital applications and good financial practices. About Financial Literacy Week RBI ..

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Watal Committee recommendations for a cashless India

A 11-member committee set up under former finance secretary Ratan Watal on August 23 to suggest ways of promoting digital transactions in the country has submitted its report to Finance Minister Arun Jaitley. The following are the list of suggested recommendations: The Payments Regulatory Board (PRB) to be formed as an independent payments regulator within the ..

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