Abhay Aima - the original doyen of Private Banking is India is no more. Om Shanti🙏🙏🙏
He set up the HDFC Private Bank from scratch
He just celebrated his 63rd birthday a few days back and suddenly he is now gone! Life is so unpredictable
Kotak Bank
In a very significant move, RBI prohibits Kotak Bank from
a) Onboarding new online customers
b) Stops issuing Credit Cards
RBI sys significant concerns on the IT of Kotak Bank during inspection in 2022 and 2023
This is till remediation by the Bank of IT concerns
KYC Update
AMFI @amfiindia has come out with a 2 page advisory/graphic on the KYC status
This explains what investors need to do. You can access it here
amfiindia.com/Themes/Theme1/…
Or you can see it below in the images
@MansiBhambhani
About 70% of MFU users (a good proxy for the industry) don't have a 'validated' KYC status. Meaning they used a non-Aadhar doc for KYC & now they cannot invest in a new AMC without a fresh KYC each time. For NRIs who don't have Aadhar, this pain seems permanent.
This flies in…
Worst nuisance ever.
Industry of 55 lac Cr cant get one act right since the time humanity was born!!
You stop fresh investments, if you want to nudge investors for KYC validation.
You cant stop them from having their legitimate money back. What if someone needs it for medical…
Worst nuisance ever.
Industry of 55 lac Cr cant get one act right since the time humanity was born!!
You stop fresh investments, if you want to nudge investors for KYC validation.
You cant stop them from having their legitimate money back. What if someone needs it for medical…
KYC on hold is leading to Mutual Fund redemptions being put on Hold
Every MF shud proactively intimate investors whose KYC has been put on Hold so that investors can rectify rather than face a sudden shock when redemption is needed
Also publish how many KYCs totally are on HOLD
KYC on hold is leading to Mutual Fund redemptions being put on Hold
Every MF shud proactively intimate investors whose KYC has been put on Hold so that investors can rectify rather than face a sudden shock when redemption is needed
Also publish how many KYCs totally are on HOLD
KYC and the investment journey: It is now time to introduce KRACentral;
- SEBI's KYC master circular
- Changes & challenges
- Where do we go from here?
My column today in @livemint
It's very painful to be a $4 trillion economy and go through this painful process.
Mostly, this is a sudden surprise move that has left so many in shambles.
It's very painful to be a $4 trillion economy and go through this painful process.
Mostly, this is a sudden surprise move that has left so many in shambles.
@NileshShah68@NagpalManoj Last few years so many things mpin where u took clients to do that 2005-2006 to kyc to rekyc once twice n now regd to validation
Uff confusing for us , MF and clients
After three decades in Market and filling every form for KYC over the years including Bio Metric Verification(for now abandoned MPIN) my heart pains to receive such e mail. How many times KYC needs to be done? Clearly our KRA agencies / Registrar can do a better job.
The entire KYC system for. financial transactions is now again broken
And worst of all, if your KYC goes on hold then all.financial transactions incl redemptions are being barred
Putting investors thru agony for the want of a thought thru KYC model
The entire KYC system for. financial transactions is now again broken
And worst of all, if your KYC goes on hold then all.financial transactions incl redemptions are being barred
Putting investors thru agony for the want of a thought thru KYC model
With KYC now becoming very confusing in financial services, right off the block someone launched this KYC contest!!
Some see KYC mess as a challenge
Some see KYC mess as an opportunity
How do you see KYC?
As a fund house, we have always debated risk vs reward in the market.
In a year when inflows were skewed towards smallcaps, not having one should have hurt our growth
But we thank all our partners and investors for understanding our positioning and helping us grow consistently🙏
India Mutual Fund Leadership Board basis AUM FY2024
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