KYC

India has strengthened compliance requirements for cryptocurrency platforms by mandating enhanced Know Your Customer (KYC) measures, including selfie verification and penny drop authentication. The move is aimed at improving user verification, curbing fraud, and aligning digital asset platforms with the country’s broader financial integrity framework. By introducing bank account validation through penny drop and biometric-style selfie checks, regulators seek to close gaps that have allowed anonymity and misuse.

India’s capital markets regulator has introduced a significant reform aimed at simplifying the investment process for Non-Resident Indians (NRIs). By removing the mandatory requirement for physical in-person verification under KYC norms, the Securities and Exchange Board of India (Sebi) has opened the door to a more seamless onboarding experience. The move is expected to enhance market participation from the global Indian diaspora, reduce compliance friction, and support India’s growing position as a preferred investment destination.

Punjab National Bank (PNB) has issued a formal notice urging customers to complete their Know Your Customer (KYC) updates by August 8, 2025. This move is part of the bank's compliance with regulatory mandates to maintain accurate customer records and prevent misuse of banking services. Failure to update KYC by the stipulated deadline may result in temporary restrictions on account operations.