News | Banking

Bank of Baroda issues alert for customers to complete C-KYC to avoid account deactivation

MAS Team 17 March 2023
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According to a tweet from Bank of Baroda (BoB), its customers must complete Central KYC (C-KYC) by March 24, 2023.  Failure to do so may result in account deactivation. Customers of BoB who have received notice from the bank through notice, SMS, or C-KYC should visit to the closest branch and provide the necessary documentation. After a customer has completed C-KYC, they won't need to do it again to open new accounts to buy life insurance, or start a demat account, for example.
 
Customers no longer need to regularly complete KYC for numerous financial services thanks to the central KYC process, which is a one-time process. The bank electronically submits C-KYC records and compares data with the central KYC. Banks and other institutions can use central KYC to check whether certain requirements have been met. Only customer-related KYC information is accessible through this number, which is managed by the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).
 
Customers of BoB have been asked to complete C-KYC in order to avoid inconvenience or possible account deactivation. If the Central KYC process is not finished by March 24, 2023, customers can have difficulty accessing their accounts. Customers of BoB are therefore urged to complete their C-KYC as soon as possible in order to prevent any future problems.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
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Debashis Basu
Founder