Latest news with #KnowYourCustomer
Business Upturn
a day ago
- Business
- Business Upturn
Adani Group denies WSJ report alleging links to Iranian LPG trade
Adani Enterprises Limited has strongly denied allegations published in a Wall Street Journal (WSJ) article dated June 2, 2025, which suggested that Adani Group entities were involved in trade linked to Iranian-origin liquefied petroleum gas (LPG), potentially in violation of US sanctions. In an official filing with the stock exchanges on Monday, Adani Enterprises termed the WSJ report as 'baseless and mischievous,' adding that the group 'categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG.' The company further clarified that it is 'not aware of any investigation by US authorities on this subject.' According to Adani's statement, the WSJ article is 'based entirely on incorrect assumptions and speculation,' and any claims to the contrary are 'slanderous' and intended to damage the reputation of the Adani Group. The group emphasized that it does not handle any cargo from Iran at any of its ports, including shipments originating from Iran or vessels operating under an Iranian flag. Adani also disclosed that in FY24-25, the LPG segment contributed just USD 171.2 million to the group's consolidated revenue of over USD 11,727 million — accounting for only 1.46 percent of its total revenue. The company stated that all its LPG trade is fully compliant with domestic and international laws, including US sanctions regulations. It purchases LPG from 'reputed international suppliers' under contracts that specifically require that the product originates from non-sanctioned countries. Additionally, Adani conducts due diligence and Know Your Customer (KYC) checks on its suppliers and uses tools such as S&P Global's Market Intelligence Network (MINT) to verify shipping compliance. Regarding the shipment mentioned in the WSJ report, Adani clarified that it was a routine commercial transaction conducted via third-party logistics partners, with Sohar, Oman, identified as the port of origin. The company reiterated that it does not own, operate, or track vessels mentioned in the report, including those referred to as 'SMS Bros' or 'Neel,' and that it has fulfilled all legal duties required of an importer. Disclaimer: This article is for informational purposes only and does not constitute investment advice.
Time of India
3 days ago
- Business
- Time of India
RBI imposes ₹54.78 crore in penalties on 353 banks, other regulated entities during FY25
The Reserve Bank of India ( RBI ) imposed penalties totalling ₹54.78 crore on 353 regulated entities (REs) during the financial year 2024–25 for various contraventions of statutory provisions and regulatory directions, the central bank said in its annual report released on Thursday. The enforcement actions were taken against banks, non-banking financial companies (NBFCs), asset reconstruction companies (ARCs), housing finance companies, and cooperative banks for non-compliance in areas including cyber security, exposure norms, income recognition and asset classification (IRAC), Know Your Customer (KYC) guidelines, fraud classification and reporting, submission of data to the Central Repository of Information on Large Credits (CRILC), and credit information reporting to credit information companies (CICs). Also Read: RBI may introduce bank-like rate norms for NBFCs to plug policy gaps Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Camarotes de crucero sin vender (Eche un vistazo a los precios) GoSearches | Search Ads Undo 'During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to ₹54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time,' the RBI said in its Annual Report for 2024–25. According to the data, cooperative banks were the most penalised category, with 264 penalties amounting to ₹15.63 crore. The central bank also took action against 37 NBFCs and ARCs, imposing penalties totalling ₹7.29 crore. Live Events Additionally, 13 housing finance companies were fined a combined ₹83 lakh. Among commercial banks, eight public sector banks faced penalties totaling ₹11.11 crore, while 15 private sector banks were fined ₹14.8 crore. The RBI also penalised six foreign banks during the fiscal year . With inputs from PTI
Time of India
3 days ago
- Business
- Time of India
RBI slaps Rs 54.78 crore in penalties on banks and NBFCs for compliance lapses in FY25
Reserve Bank of India's (RBI) NEW DELHI: The Reserve Bank of India (RBI) imposed penalties totalling Rs 54.78 crore on regulated entities (REs) during the fiscal year ending March 31, 2025, for contraventions and non-compliance with statutory provisions and regulatory directions. According to the RBI's Annual Report for 2024-25, released on Thursday, the central bank undertook enforcement action in 353 cases across a wide range of regulatory breaches. These included failures in the cyber security framework, non-adherence to exposure norms, income recognition and asset classification (IRAC) rules, violations of Know Your Customer (KYC) guidelines, and delays in fraud classification and reporting. The report further revealed that cooperative banks bore the brunt of the action, with 264 penalties amounting to Rs 15.63 crore. Non-banking financial companies (NBFCs) and asset reconstruction companies faced 37 penalties totalling Rs 7.29 crore, while 13 housing finance companies were fined Rs 83 lakh. Among banks, the RBI penalised eight public sector banks to the tune of Rs 11.11 crore and 15 private banks faced penalties amounting to Rs 14.8 crore. Additionally, six foreign banks were also penalised for various lapses. The RBI noted that these enforcement actions were aimed at ensuring compliance and fostering a robust and sound financial system. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Today
6 days ago
- Business
- India Today
From PF access to free Aadhaar update: 5 key financial changes in June 2025
Starting June 1, 2025, several significant financial changes will take effect across India, impacting aspects such as savings, credit card rules, and provident fund (PF) access, among 3.0 GOES LIVEAmong the most notable changes is the launch of the upgraded EPFO 3.0 system by the Employees' Provident Fund Organisation from June new system aims to simplify the process of PF withdrawals, streamline Know Your Customer (KYC) updates, and expedite claim processing. A key feature of this update is the introduction of ATM-like cards, facilitating easier and quicker access to EPF funds for FIXED DEPOSITS RATES Suryoday Small Finance Bank joins other financial institutions in lowering interest rates on fixed deposits (FDs). From June 1, 2025, the bank will offer interest rates ranging from 4% to 8.4% for deposits below Rs 3 crore, with the highest rate applicable to tenures between 30 to 36 the interest rate for 5-year FDs will decrease by 60 basis points, dropping from 8.6% to 8%. This shift reflects broader market trends as banks adjust to changing economic IN CREDIT CARD RULESStarting June 20, 2025, Axis Bank will introduce phased changes to its REWARDS Credit Card. Key changes involve point accrual rules, merchant category revisions, and changes in the validity of reward update will help cardholders better comprehend their card benefits and manage their spending more NEW RULES FOR MUTUAL FUNDSadvertisementIn the realm of mutual funds, the Securities and Exchange Board of India (Sebi) has introduced changes to the cut-off timings for overnight mutual fund schemes, starting June 1, new cut-off times are set at 3 PM for offline transactions and 7 PM for online transactions. Any order made after these times will be processed the next working day and may get a different NAV than expected. This adjustment is expected to enhance the management of client funds and the movement of CARD UPDATE DEADLINEThe deadline to update your Aadhaar details online for free is June 14, 2025. Those who fail to update their identity and address proof documents by this date will incur a fee of Rs 25 for updates through the online portal or Rs 50 at physical Aadhaar centres. This deadline underscores the importance of maintaining up-to-date personal information in official the implementation of these rules reflects ongoing efforts to optimise financial systems in India. Stakeholders are encouraged to review these changes closely to ensure compliance and maximise their financial advantages.
Barnama
6 days ago
- Business
- Barnama
SEON Accelerates APAC Growth Amid Rising Demand For Unified Fraud And AML Solutions
AUSTIN, Texas and SINGAPORE, May 29 (Bernama) -- SEON, a global leader in digital fraud prevention and compliance, today announced rapid growth across the Asia-Pacific region, driven by increasing demand for its unified, real-time fraud and AML solutions. New APAC clients such as Salmon Group Ltd, and Forever Network have adopted SEON's Know Your User (KYU) and Know Your Customer (KYC) capabilities to navigate escalating fraud risks across the region's complex digital landscape.
