Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

Investigation on the Rs 150 crore fraud in Mahindra & Mahindra's loan portfolio is underway and a few persons involved have been arrested, the firm said in a regulatory filing

Mahindra & Mahindra Finance detects Rs 150 crore vehicle loan fraud; RBI to scrutinise KYC lapse

<h2>Investigation on the Rs 150 crore fraud in Mahindra &amp; Mahindra's loan portfolio is underway and a few persons involved have been arrested, the firm said in a regulatory filing</h2>

Mahindra &amp; Mahindra Financial Services has detected about Rs 150 crore fraud in its vehicle loan portfolio at one of its branches. Hit by this loan fraud, the firm has postponed the board&rsquo;s agenda to review and approve the financial results for Q4FY24 and FY24. Its board was slated to review financial performance at a meeting on Tuesday.
Meanwhile, as per Business Line, the Reserve Bank of India is now looking into the KYC lapse and the banking regulator could impose some sort of curbs on the non-lender with respect to acquisition of new businesses.
<h3>Mahindra &amp; Mahindra loan fraud</h3>
Mahindra Finance said during the end of the fourth quarter of the financial year ended March 31, 2024, a fraud was detected at one of the company's branches in the northeast.
"In respect of retail vehicle loans disbursed by the company, the fraud involved forgery of KYC documents leading to embezzlement of company funds. The investigations in the matter are at an advanced stage. The company estimates that the financial impact of this fraud is unlikely to exceed Rs 150 crore," Mahindra Finance said.
Investigations are underway, and necessary corrective actions have been identified and are at various stages of implementation, including the arrest of a few persons involved, it added.
The board of Mahindra &amp; Mahindra Financial Services, which met on Tuesday, approved a hike in borrowing limit to Rs 1.30 lakh crore, from Rs 1.10 lakh crore currently, and also decided to appoint M M Nissim &amp; Co LLP and M P Chitale &amp; Co as the Joint Statutory auditors of the company for a period of three years.
They will replace Deloitte Haskins &amp; Sells and Mukund M. Chitale &amp; Co upon completion of their 3-year term at the ensuing 34th annual general meeting (AGM) to be held later in the year.
[With PTI inputs]
Also watch: <a href="https://www.editorji.com/business-news/lok-sabha-polls-rbi-urges-payment-firms-to-track-high-value-suspicious-transactions-amid-elections-1713778196152">Lok Sabha Polls: RBI urges payment firms to track high value, suspicious transactions amid elections</a>

Nilesh Shah, managing director of Kotak AMC, voices frustration over the continuous KYC process in the financial sector, urging for improved efficiency. 

Kotak AMC's Nilesh Shah speaks out against repetitive KYC demands

Nilesh Shah, managing director of Kotak AMC, voices frustration over the continuous KYC process in the financial sector, urging for improved efficiency.&nbsp;

After three decades in the market, Nilesh Shah, Managing Director of Kotak AMC, expressed his frustration with the repetitive demands of the Know Your Customer (KYC) process. Taking to X platform (formerly Twitter) on March 29, Shah posted about receiving yet another email regarding KYC norms for the Securities Market, despite years of compliance and verification.
Sharing a screenshot of the email, Shah questioned the necessity of undergoing KYC repeatedly. "How many times KYC needs to be done? Clearly our KRA agencies / Registrar can do a better job," he stated, highlighting the inefficiencies in the current system. 
<blockquote class="twitter-tweet">
Kudos to all Mutual Fund Distributors and Intermediaries who tirelessly keep on updating KYC requirements for their clients. SEBI should direct KRA agencies and the RTAs to do a better job. <a href="https://t.co/t6CfeXVuJN">https://t.co/t6CfeXVuJN</a>
&mdash; Nilesh Shah (@NileshShah68) <a href="https://twitter.com/NileshShah68/status/1773626672723452398?ref_src=twsrc%5Etfw">March 29, 2024</a></blockquote>
While acknowledging the efforts of mutual fund distributors and intermediaries, Shah called upon the Securities and Exchange Board of India (Sebi) to direct agencies to streamline the KYC process. His sentiments resonated with others in the financial sector, with investors and industry professionals alike expressing frustration at the burdensome compliance requirements.
Meanwhile, another user, Rajeev Mantri, an investor, criticized the excessive paperwork and compliance hurdles, questioning how India's savings could be transformed into investments under such constraints. Similarly, Darshit Patel highlighted the ordeal faced by investors and mutual fund distributors, advocating for the adoption of a Universal KYC concept.
Ajay Pandey, CEO and co-founder of CARD91, proposed the establishment of a separate body akin to the NPCI to streamline the KYC process, emphasizing its potential to enhance the speed and cost-effectiveness of financial services distribution.
With the impending deadline of March 31, Shah's concerns come at a crucial time for mutual fund investors. The Securities and Exchange Board of India (Sebi) has mandated re-verification of KYC for all investors without "officially valid documents," signaling a shift towards stricter compliance measures. Failure to comply by the deadline could disrupt mutual fund transactions, such as systematic investment plans (SIPs).
As the deadline approaches, stakeholders in the financial industry await potential reforms to simplify the KYC process and alleviate the burden on investors and intermediaries alike.

The RBI's proactive communication seeks to empower the public to safeguard their financial information and prevent potential losses resulting from these deceptive practices

RBI sounds alarm on KYC frauds: Asks to not share documents with unknown entities

<h2>The RBI's proactive communication seeks to empower the public to safeguard their financial information and prevent potential losses resulting from these deceptive practices</h2>

The Reserve Bank of India on Friday cautioned the public against fraud in the name of KYC updation and advised not to share documents with unknown entities.
In the wake of continuing incidents and reports of customers falling prey to frauds being perpetrated in the name of KYC updation, RBI urged the members of the public to exercise caution and due care to prevent loss and safeguard themselves from such malicious practices.
In past also the central bank has cautioned the public regarding such frauds.
"Do not share KYC documents or copies of KYC documents with unknown or unidentified individuals or organizations," it said.
Also, do not share account login credentials, card information, PINs, passwords, OTPs with anyone, the RBI added.
"The modus operandi for such frauds usually involves customers receiving unsolicited communications, including phone calls/SMS/emails, through which they are manipulated into revealing personal information, account/login details, or installing unauthorised or unverified apps through links provided in the messages," it said.
RBI further said such communications often employ tactics of creating a false urgency and threatening of account freezing/blocking/closure, if the customer fails to comply.
"When customers share essential personal or login details, fraudsters gain unauthorized access to their accounts and engage in fraudulent activities," it added.
On what should be done in the event of receiving any request for KYC updation, RBI said directly contact their bank/financial institution for confirmation/ assistance.
"Obtain contact number/ customer care phone number of the bank/ financial institution only through its official website/ sources," the central bank said.
One should also inform the bank/ financial institution immediately in case of any cyber fraud incident.
It also cautioned the public against clicking on suspicious or unverified links received in mobile or email.

Self-declaration through non face-to-face channels sufficient for Re-KYC process, says Reserve Bank of India

Re-KYC can be done online, says RBI 

No branch visit needed for Re-KYC, says RBI 

Self-declaration through non face-to-face channels sufficient for Re-KYC process, says Reserve Bank of India

Bank customers will no longer need a branch visit to update KYC information. This is as per new guidelines that have been put in place by the Reserve Bank of India. RBI&rsquo;s notification says, &ldquo;If there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process&rdquo;.
Banks will have to allow customers to self-declare KYC information without a branch visit, through channels such as registered e-mail ids, mobile numbers, online banking, and ATMs. In case of a change of address, the bank will have to undertake address verification within two months after the customer submits the updated address details through online channels.&nbsp; However, customers may have to do a fresh KYC if the documents with the bank are not updated with the list of offically valid documents or if such documents have expired. In such cases, the fresh KYC can be done by either visiting a bank branch or remotely through a video based customer identification procress (if enabled by the bank).&nbsp;&nbsp;
&nbsp;

You do not want to go from party to penalty this new year so ensure you complete these tasks before this year closes out.

From ITR to Demat account's KYC: Here’s a to-do list of financial tasks before Dec 31st

The calendar year 2021 is coming to an end, and with that brings among other things money-related tasks one should complete before December 31, 2021. Here are four personal finance deadlines to keep in mind and complete before December 31.

Here’s a to-do list of four financial tasks before Dec 31st

The government is unlikely to extend the December 31 deadline to file ITR returns.

You do not want to go from party to penalty this new year so ensure you complete these tasks before this year closes out.
<h3>1. File your income tax return&nbsp;for FY2020-21</h3>
The deadline to file <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank">income tax return (ITR)</a> for the previous financial year (2020-21) has been extended multiple times due to the pandemic and the government is unlikely to extend the December 31 deadline to file returns.
So, it is advisable not to wait for the last minute and complete the task much before.
<h3>2. Submit Life Certificate Till Dec 31</h3>
The deadline for retired government employees and family pension receivers&nbsp;to submit their annual <a href="https://www.editorji.com/business-news/government-pension-how-to-submit-life-certificate-online-1633430491178" target="_blank">life certificates or&nbsp;Jeevan Pramaan Patra</a>, has been extended until December 31, 2021.&nbsp;It is essential for pensioners to submit their life certificate on time to ensure that they continue to receive pension.
<h3>3. Get demat, trading accounts KYC compliant before Dec 31</h3>
The <a href="https://www.editorji.com/business-news/markets/sebi-lens-on-paytm-after-debut-debacle-that-wiped-out-rs-38-000-cr-1637380900966" target="_blank">Securities and Exchange Board of India (Sebi)</a> has extended the deadline for making demat and trading accounts KYC-compliant till December 31, 2021.
As per the notice, issued by Sebi in April 2021, the depositories need to ensure that six important <a href="https://www.editorji.com/story/kyc-fraud-alert-rbi-cautions-the-public-not-be-duped-by-this-ongoing-fraud-1631596083336" target="_blank">KYC </a>attributes including your - Name - Address - PAN - Valid mobile number - Valid email ID - Income range are updated in the existing demat, trading accounts.
Your demat and trading account may become inactive if you fail to update the above KYC attributes.
<h3>4. Linking Aadhaar with UAN</h3>
The Union Ministry of Labour has extended the deadline to link Aadhaar with UAN till December 31. This deadline is specifically meant for north-eastern states. Linking EPF account with Aadhaar can also help speeding up the claim settlement process for the employees.
 Also Watch:<a href="https://www.editorji.com/india-news/govt-has-cleared-major-electoral-reforms-here-s-is-all-you-need-to-know-1639624338039" target="_blank">&nbsp;Govt has cleared major electoral reforms. Here's all you need to know</a> &nbsp; According to the portal of <a href="https://www.editorji.com/business-news/personal-finance/pf-bonanza-epfo-credits-interest-in-pf-accounts-here-is-how-to-check-your-balance-1638849135411" target="_blank">EPFO</a>, if you want to file an online claim for your EPF, then you have to link your UAN with Aadhaar.

KYC Fraud alert: RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation.


KYC Fraud alert! RBI cautions the public not be duped by this ongoing fraud

KYC Fraud alert! RBI cautions the public not be duped by this ongoing fraud. Here is how you can protect yourself.&nbsp;

KYC Fraud alert! RBI tells you how to protect yourself 

KYC Fraud: The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc.

Beware of KYC&nbsp;fraud,&nbsp;RBI has sent a warning for the public not to be scammed by the ongoing fraud which has people sharing critical banking information with fraudsters.&nbsp; Reserve Bank of India (RBI) said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation.
<h3>What can you do to protect yourself from <a href="https://www.editorji.com/story/kyc-fraud-alert-rbi-cautions-the-public-not-be-duped-by-this-ongoing-fraud-1631596083336" target="_blank">KYC&nbsp;fraud</a>?&nbsp;</h3>
<ul>
<li>Do not to share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies</li>
<li>Never share&nbsp;details sthrough unverified or unauthorised channels/websites or even applications in the case that a customer receives such a request</li>
<li>Customers are advised to immediately get in touch with their bank branch to verify the need for these documents or information</li>
</ul>
<h3>What are the KYC&nbsp;updation&nbsp;deadline?</h3>
<a href="https://www.editorji.com/story/rbi-removes-restrictions-on-uco-bank-lending-curbs-removed-after-4-years-1631169535917" target="_blank">RBI&nbsp;</a>also reminded depositors that even if KYC&nbsp;is not updated there will be no restrictions imposed&nbsp; on their account till December 31, 2021.&nbsp;

kyc

Categories