RBI unveils customer-friendly measures, eases KYC norms

The central bank is reviewing existing know your customer norms for simplifying them within the provisions of the PMLA and international standards

Mumbai: The Reserve Bank of India (RBI) has announced a slew of measures, including a simplification of the stringent know-your-customer (KYC) norms, to make banking easier for the common man, reports PTI.


"It is proposed to review the existing KYC norms for simplifying them within the provisions of the Prevention of Money Laundering Act and international standards," RBI said in its second quarter policy review.


The central bank also said it will launch a pilot project, using the Aadhar data collected by Nandan Nilenkani-headed Unique Identification Authority, to authenticate banking transactions at ATMs and merchant terminals.


The Aadhar's biometric details can be used for banks along with the MagStripe (for reading coded information) as an additional factor of authentication for "card present" transactions, it said, adding the pilot project will be launched in New Delhi from 15th November.


With the usage of the national electronic fund transfer (NEFT) increasing, it has been decided to have an additional batch of clearing at 0800 hrs in the NEFT system from 19th November, the RBI said.


On the cheque transaction front, RBI said its 'cheque truncation' system used for paper clearing will have a national rollout by December next year.


As the world heads towards more modern electronic payment system, with some countries like Britain moving towards discontinuation of the cheque system, RBI has decided to prepare a discussion paper on disincentivising issuance and usage of cheques and place it for public comments by this December.


The RBI has also accorded a general permission to banks for the issue of co-branded debit and rupee denominated pre-paid instruments, which till now has to be cleared by RBI.


On coin availability, the RBI review report cites the report of a recent high level committee on demand for coins and said banks will be encouraged to explore the possibility of introducing the "franchisee model" for distribution of small notes and coins.


Additionally, drawing from the experience in the priority sector lending (PSL) model, each bank may also be given a lead bank status for a particular area for the management of coins and currency.


The RBI report also said: "Credit institutions may not be furnishing accurate and timely credit data to the credit information companies (CICs) in some cases and also are not relying as much on available credit information at the time of taking a credit decisions as they should". It asked them to change these practices.


On the currency counterfeiting front, it said the state-run banks which account for 90% of currency chests are slow in reporting such incidents, while private sector banks with only 10% of currency chests account for 90% of the reporting.


HC orders prosecution of doctor for causing death of patient

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The war of love: Narendra Modi vs Shashi Tharoor

There is a different kind of war on Twitter between two prominent politicians, Modi and Tharoor and it is not about politics. It is about war of love

This time Narendra Modi really goofed up badly. It is one thing to make comments about Congress Party President and the real power behind the Prime Minister's chair. But to have needlessly dragged Shashi Tharoor's wife Sunanda into a public comment in poor taste has ended up making the Gujarat chief minister look rather foolish in the social media space.


Shashi Tharoor, the newly sworn-in Minister of State for Human Resources Development is clearly feeling on top of the world. His sharp reposite Narendra Modi -- @narendramodi My wife is worth a lot more than your imaginary 50 crores. She is priceless. But you need2be able2love some1 2understand that - has tweeple cheering with appreciation.


This was started by the Gujarat Chief Minister, while addressing a rally at Mandi in Himachal Pradesh. Taking a pot-shot at Tharoor, who recently was re-introduced in to the Union Cabinet, Modi said his (Tharoor's) wife was once his '50 crore rupee girlfriend'. This was an apparent attack on Tharoor's wife Sunanda Pushkar.


"There was a Congress leader who was a minister. He was accused of amassing wealth from cricket. He had said in Parliament that he is not connected to the Rs50 crore in the lady's name," the BJP leader said in an apparent reference to Tharoor in the context of the IPL cricket controversy involving Sunanda Pushkar in 2010 which led to his resignation as Minister of State for External Affairs minister.


Modi, however, did not take any names.


While not much is known about the love life of the Gujarat chief minister, according to Wikipedia, he supposedly and allegedly, married Jashodaben Modi, of whom everything is still under question.


Coming back to Twitter, it is safe to bet that the suave Mr Tharoor will be trending again on the microblogging site. Here are a few early reactions as part of the floodgate of comment and appreciation that he has opened up on twitter. Of course, this will also happen because Modi's followers will flood the site in his defence.


Narendra Modi (on Mrs Shashi Tharoor): 'Have you seen a 50 crore girlfriend?' Actually, Mr Modi, we are still waiting to see your wife!


While Tharoor sings "Jab Pyaar Kiya to Darna Kya" Modiji is singng "Tujhko Mirchi Lagi to Mai Kya Karu"


RT @YouthIAC: @ShashiTharoor I hate your party. But i loved ur response. We r civilised people here. *applause* @narendramodi u need to watch your tongue.


RT @abhisar_sharma: RT @abhisar_sharma: @ShashiTharoor @narendramodi bulls eye! fanatastic retort to s


RT @OyeMaria: RT @NigelBritto: RT @NigelBritto: Can we all pause Twiiter for a while and give a standing ovation to @ShashiTharoor to standing up for his wife so magni ...


RT @GKKASHYAP: @ShashiTharoor Sir, some just play to the gallery...ur response says it all. #Love #Understand and yes #Respectomeone who needs to respect women!


RT @Syddie: Dear @narendramodi - Now thats how its done! Boom! @ShashiTharoor smacks the ball out of the park for a home run!


RT @_indronil_: @ShashiTharoor ...'muh tore jawab'


RT @HeritageJazz: RT @NigelBritto: RT @NigelBritto: @ShashiTharoor What an epic response! I think, in 10-20 years, this is going to be your most quoted line ever. :D Kudos ...


RT @abhisar_sharma: I think @ShashiTharoor 's retort to @narendramodi is just apt nd fantastic!The least Modiji could do is to take his words back and apoloize!


RT @chintan411: @ShashiTharoor @narendramodi action nd reaction are equal nd opposite


RT @surya_sarathi: @ShashiTharoor @narendramodi No Personal issues.Duel on Political issues Please.


Some were nasty too - predictably from Narendra Modi supporters


RT @KishoreTrivedi1: Dear @ShashiTharoor Q- Which wife of yours is priceless? You have 3. Also when the allegations were made she was not your wife @narendramodi


RT @shylsmn: @ShashiTharoor @narendramodi - seriously Mr.Tharoor, u r nt cattle class, so hear the full speech b4 making half ass comments like this...


@ShashiTharoor, our @narendramodi never mentioned your name, but you mention him in ur tweet.. So it implies, Modiji wasn't wrong

Did Sriprakash Jaiswal take inspiration from @ShashiTharoor in his "patni bhi purani ho jaati hai, phir woh mazaa nahin rahta hai” comment?

@ShashiTharoor Mr. @narendramodi loves his Nation.Obviously u love ur wife more.That is why u had 2 resign for impropriety in her name.

shashi tharoor lost his job because of his 50crs girlfriend .....but one someone takes a jibe ,he was there for her, not like keeping away





5 years ago

Hope Mr. Tharoor still loves his two former wives also.


5 years ago

Narendra Modi has once again exhibited he is not suitable to become PM of India. What decency has Modi got when he has never clarified wheter he was married once or public will think he has let out his frustration when he sees Tharoor's openly displaying mutual affection in Public where as no women wants to share life with him as a spouse.


5 years ago

Sucheta, stop with this pseudo-feminist bullshit. You are better than that! What if Namo had said - "Have you seen a 500 crore damaad?" - Would that have been a sexist comment, insulting to all men or to all son-in-laws of the country? Like mainstream media morons, you guys are failing to see the point of the comment - to highlight the corruption of Shashi Tharoor and his 70-crore wife.


5 years ago

Dear Moneylife team, Narendra Modi never utters anything without giving it a thought. In this instance too he was right in raising this issue.

1. Shashi Tharoor helped his then girl friend to amass an ill gotten wealth of Rs.50 crores due to the position he held as Union Minister.

2. When this charge came out, he had to resign from the cabinet and Congress tomtommed this to the world to show that they are an ethical party.

3. Later he married his girlfriend and made her his wife. Does this mean that the earlier wrong deed got whitewashed?

4. What has changed from then to now? He has not been absolved of that criminal act. Yet Congress inducted him into the cabinet. Can't a political opponent raise this issue?

5. Had Shashi Tharoor kept his personal life separate from his public political life, this situation would not have arisen. Correct? By giving his girlfriend this sweet heart deal then, he opened the doors for criticism.

6. It is rather sad that the media, including you - whom I consider generally sane, is latching onto the words than the meaning behind it. Have we as a nation become this moronic?

Srinivasa Raghavan

5 years ago

Moneylife, seriously? You think this is news worthy? Just the type of compilation that we need from a personal finance magazine. Great job. Please start collating all the hate tweets posted by other trolls too. Would be fun.

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