Latest news with #DoP
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Business Standard
3 days ago
- Business
- Business Standard
Experts believe the tie-up could help resolve long-standing bottlenecks in KYC compliance, particularly in underserved regions
The Department of Posts (DoP) has partnered with the Association of Mutual Funds in India (Amfi) to provide Know Your Customer (KYC) verification services through its vast network of over 164,000 post offices across India. The agreement, signed on July 17, aims to streamline KYC compliance for approximately 241.3 million mutual fund folios, including 190.4 million equity, hybrid and solution-oriented schemes. 'This collaboration harnesses our extensive postal infrastructure to support financial inclusion and simplify KYC processes for investors nationwide,' said Manisha Bansal Badal, general manager (Business Development), Department of Posts. Why does this matter for investors? KYC compliance is mandatory for investing in mutual funds. Until now, offline investors had to visit asset management companies (AMCs) or registrar offices for document verification. Under this initiative, postal employees will assist investors in: Completing KYC forms Verifying and attesting self-attested documents Forwarding them to AMCs for processing 'This MoU marks a significant step in the industry's efforts to ensure regulatory compliance for investors residing in remote areas,' said VN Chalasani, chief executive, AMFI. Experts see a big boost for participation Financial experts say the tie-up could help resolve long-standing bottlenecks in KYC compliance, particularly in underserved regions. 'Enabling KYC at post offices is a strong move. In rural and semi-urban areas, trust matters more than tech, and post offices are trusted places. This will remove a key entry barrier for mutual fund investors in these regions,' said Navy Vijay Ramavat, managing director, Indira Group. 'For those whose KYC is stuck or rejected, this brings a much-needed physical touchpoint. Even in bigger cities, many people still struggle with digital-first norms. If executed well, this step can bring first-time investors into the fold, not just by simplifying KYC, but by making investing feel accessible, human, and local,' he added. Niranjan Babu Ramayanam, chief operating officer, Anand Rathi Wealth Limited, believes this partnership could be a game changer, 'As per industry sources, there are many clients who have invested in the past but have not updated their KYC as per the latest regulatory requirements. With the widespread presence of post offices across the country, this MoU will help AMCs reach such clients and assist them in updating their KYC to restart investments.' he said India added nearly 9.7 million new mutual fund investors in FY25. Experts say this initiative could unlock further growth, especially as Sebi's tightened KYC norms have left many investors unable to transact. 'This initiative will help resolve the KYC 'On Hold' or 'Rejected' statuses more efficiently, especially in rural areas where investors lack guidance to complete documentation,' said Ramayanam. 'There will be a substantial rise in SIPs from such investors once their KYC is validated.'
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Business Standard
3 days ago
- Business
- Business Standard
Updating your mutual fund KYC? Post offices can now do it for you
The Department of Posts (DoP) has partnered with the Association of Mutual Funds in India (Amfi) to provide Know Your Customer (KYC) verification services through its vast network of over 164,000 post offices across India. The agreement, signed on July 17, aims to streamline KYC compliance for approximately 241.3 million mutual fund folios, including 190.4 million equity, hybrid and solution-oriented schemes. 'This collaboration harnesses our extensive postal infrastructure to support financial inclusion and simplify KYC processes for investors nationwide,' said Manisha Bansal Badal, general manager (Business Development), Department of Posts. Why does this matter for investors? KYC compliance is mandatory for investing in mutual funds. Until now, offline investors had to visit asset management companies (AMCs) or registrar offices for document verification. Under this initiative, postal employees will assist investors in: Completing KYC forms Verifying and attesting self-attested documents Forwarding them to AMCs for processing 'This MoU marks a significant step in the industry's efforts to ensure regulatory compliance for investors residing in remote areas,' said VN Chalasani, chief executive, AMFI. Experts see a big boost for participation Financial experts say the tie-up could help resolve long-standing bottlenecks in KYC compliance, particularly in underserved regions. 'Enabling KYC at post offices is a strong move. In rural and semi-urban areas, trust matters more than tech, and post offices are trusted places. This will remove a key entry barrier for mutual fund investors in these regions,' said Navy Vijay Ramavat, managing director, Indira Group. 'For those whose KYC is stuck or rejected, this brings a much-needed physical touchpoint. Even in bigger cities, many people still struggle with digital-first norms. If executed well, this step can bring first-time investors into the fold, not just by simplifying KYC, but by making investing feel accessible, human, and local,' he added. Niranjan Babu Ramayanam, chief operating officer, Anand Rathi Wealth Limited, believes this partnership could be a game changer, 'As per industry sources, there are many clients who have invested in the past but have not updated their KYC as per the latest regulatory requirements. With the widespread presence of post offices across the country, this MoU will help AMCs reach such clients and assist them in updating their KYC to restart investments.' he said What investors need to know? According to the Sebi's current guidelines, accepted documents for KYC include: Passport Driving licence Aadhaar card Voter ID NREGA job card (signed by a government officer) National Population Register letter How to check your KYC status? Visit any mutual fund website or registrar portal Enter your 10-digit PAN Check if your KYC status is: KYC Validated: Free to invest KYC Registered: Can invest in existing AMCs but may require fresh KYC for new ones KYC On-Hold/Rejected: Requires issue resolution A potential game changer for mutual funds India added nearly 9.7 million new mutual fund investors in FY25. Experts say this initiative could unlock further growth, especially as Sebi's tightened KYC norms have left many investors unable to transact. 'This initiative will help resolve the KYC 'On Hold' or 'Rejected' statuses more efficiently, especially in rural areas where investors lack guidance to complete documentation,' said Ramayanam. 'There will be a substantial rise in SIPs from such investors once their KYC is validated.' The agreement, effective for one year and renewable, includes strict confidentiality safeguards and Sebi compliance.
Time of India
17-07-2025
- Business
- Time of India
Small savings schemes: These post office savings accounts will be frozen after 3 years: Here is how to unfreeze your account
Which small savings accounts will be frozen? Academy Empower your mind, elevate your skills What happens to the account if it is frozen? How to unfreeze your small savings scheme account? The Department of Posts (DoP) has announced that it will freeze matured accounts under various small savings schemes accounts that have not been extended or closed even after three years from the date of maturity. Recently, it has issued an order to make account freezing a regular exercise to be conducted twice a year to identify such accounts to ensure safety and security of hard-earned money of savings schemes holders should note that their accounts will become frozen if not closed within three years of savings scheme accounts include Time Deposits (TD), Monthly Income Scheme (MIS), National Savings Certificates (NSC), Senior Citizen Savings Scheme (SCSS), Kisan Vikas Patra (KVP), National Savings Certificate (NSC), Recurring Deposit (RD), and Public Provident Fund (PPF) accounts, as per the a post office small savings account goes frozen after maturity, all transactions are suspended, including withdrawals, deposits, standing orders, and online per an order dated July 15, 2025, 'To further enhance security of hard-earned money of depositors, it has now been decided that this freezing activity will be conducted twice a year as a continuous cycle. The process of identification and freezing of such accounts will be completed within 15 days, commencing from July 1and January 1 of each year. This means accounts that complete three years of maturity as on 30th June and 31st December every year, respectively, will be identified and frozen.'Accountholders must reactivate or unfreeze their accounts by submitting the required documents to the concerned to the SB Order No.2512022 dated 16-12-2022, here is the process to activate inoperative more than 3 years, which already have been matured but not closed within 3 years and cut-off accountholder should visit any post office for closure and submit the following documents:a) Passbook or Certificate of the frozen accountb) KYC Documents such as mobile number, PAN card and Aadhaar or address proofc) Account Closure Form (SB-7A): Accountholder should also submit account closure form, passbook and details of post office savings account number or bank account details along with a cancel cheque/copy of passbook for credit of maturity value into his/her savings department will first check and confirm the details of depositor and tally signature to ensure genuineness of the account holder with relevant records. After verification of the genuineness of the case, the account/certificate concerned will unfreeze the maturity value will be credited either in the post office savings account or bank account of the accountholder through ECS outward credit.
The Hindu
16-07-2025
- Politics
- The Hindu
Mandatory Biometric Update of Aadhaar to be launched in Telangana Inter Colleges
Department of Posts (DoP) and Unique Identification Authority of India (UIDAI) will soon launch the Mandatory Biometric Update of Aadhaar in all Intermediate colleges in Telangana. Officials from DoP and UIDAI met Board of Intermediate Education Secretary Krishna Aditya on Tuesday (July 15, 2025) and confirmed that they would conduct special camps to complete this exercise. According to DoP, the Mandatory Biometric Update (MBU) ofAadhaar is a critical requirement for students to ensure accuracy in their biometric data in the age group of 15-17 years. It is done free of charge. As Aadhaar is a mandatory document for applying to major national-level entrance examinations, the update prevents issues related to authentication and ensures seamless digital verification during application and admission processes, it reasoned. The DoP further said that Telangana circle through its network of trained Aadhaar operators and available Aadhaar kits is fully prepared to conduct these enrolments and the camps for updation in a phased manner in coordination with the respective colleges. The field units are being mobilised to ensure maximum coverage before the commencement of application timelines for national-level exams.
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Business Standard
27-06-2025
- Business
- Business Standard
Govt, industry hold talk on issues over marketing code for medical devices
Medical device industry representatives have raised concerns with the Department of Pharmaceuticals (DoP) over certain provisions under the recently notified Uniform Code for Marketing Practices for Medical Devices (UDMPMD), during a meeting held on Thursday. The new code seeks to curb unethical marketing practices in the medical devices industry by barring medical representatives and device companies from using inducements or subterfuge to access healthcare professionals. The meeting follows an advisory by the Director General of Health Services (DGHS), directing all government-run hospitals to prohibit medical representatives from directly meeting doctors. While medtech associations and the DoP did not respond to queries sent by Business Standard till the time of going to print, sources indicated that companies flagged concerns related to continuing medical education (CME) necessary to train practitioners on their devices. The UDMPMD mandates full disclosure of details related to the distribution of evaluation samples (provided to give hands-on experience) and all expenses incurred on CME and training through conferences, workshops and seminars. 'The particulars are to be filled on an ongoing basis and mandatorily within two months of the end of every financial year on the UCPMP portal of the department, within the time limit fixed for submitting self-declaration by the executive head of the company,' the DoP notification on the code states. Industry sources added that several companies had sought DoP approval for overseas training programmes, which under the UDMPMD is only allowed under special circumstances. 'Some 20 to 25 companies had applied for the approval, but all have been rejected for one reason or another,' said a person familiar with the matter. In a notification dated September 6, 2024, the DoP directed medical device associations to constitute a three- to five-member Ethics Committee for Marketing Practices in Medical Devices (ECMPMD), chaired by their chief executive officer (CEO), and to set up a dedicated portal on their websites. With the centralised portal not yet operational, the DoP has instructed companies to upload the required information on their India websites—something many multinational corporations (MNCs) may not have in place. 'The portal is expected to be ready in the next three to six months,' an official aware of the developments said.
