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<ul><li><keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> may soon require users to provide their identity proof.</li><li>This change will only affect users who wish to make payments using the app.</li><li>Apps like PhonePe and Google Pay do not ask users to verify their identities.</li></ul>WhatsApp is one of the most popular messaging apps in India and in addition to chats and calls, the Facebook-owned company has also been working on WhatsApp Pay, its payments offering for some time now. WhatsApp received the<a href="https://www.businessinsider.in/finance/news/whatsapp-pay-upi-services-gets-the-green-signal-from-npci-but-rollout-will-be-in-a-graded-manner/articleshow/79068908.cms"> nod</a> from the National Payments Corporation of India (NPCI) last year and has been rolling payments in a phased manner. Earlier this year, the company started testing a <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-adds-a-payment-shortcut-so-you-can-send-money-faster-than-ever-before/articleshow/85589253.cms">payment shortcut</a> for the app, allowing users to make payments right from the chatbox. It seems like WhatsApp is making its first major change to WhatsApp Pay. As per an <a href="https://www.xda-developers.com/whatsapp-verify-identity-make-payments/">APK teardown</a> done by XDA Developers, WhatsApp may soon ask users to verify their identity if they wish to continue using payments. The WhatsApp v2.21.22.6 beta version includes new strings that hint towards a new verification system. The following strings are – "Your identity couldn't be verified. Try uploading the documents again,” and "Verify your identity to continue using payments on WhatsApp.” WhatsApp Pay is currently available in India and Brazil. While WhatsApp currently authenticates payments using mobile numbers in India, users in Brazil are required to authenticate their debit and credit cards using Facebook Pay. While other Unified Payments Interface (UPI) apps like PhonePe and Google Pay do not require users to verify their identity, payment apps like Paytm and MobiKwik require users to complete know your customer (KYC) verification. This could either mean that WhatsApp is finally moving to add more features such as a wallet or this feature is aimed at businesses that wish to receive payments on WhatsApp. WhatsApp has not made an official announcement about the new change. We should know more about this in the coming days. Update: Here's an official statement from a WhatsApp India spokesperson “In India, Payments on WhatsApp does not require any verification documents. Payments on WhatsApp, is approved by National Payments Corporation of India and powered by BHIM UPI that enables transactions with legitimate banking partners. Like other UPI payment applications, a user needs to ensure that the mobile number is the same as the one linked to their bank account, to start sending and receiving money, through payments on WhatsApp.” SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-adds-a-payment-shortcut-so-you-can-send-money-faster-than-ever-before/articleshow/85589253.cms">WhatsApp adds a payment shortcut so you can send money faster than ever before</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-could-soon-offer-cashback-for-payments-in-india/articleshow/86450568.cms">WhatsApp testing cashback in a bid to push payments in India</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-app-wont-work-on-some-iphones-and-android-phones-from-november-1/articleshow/87252123.cms">WhatsApp won’t work on these phones from November 1: Check the full list</a>

WhatsApp users may soon have to verify their identity to make payments

<ul><li>Last month, ED sleuths raided <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>'s parent company <keyword id="14679518" type="General" weightage="80" keywordseo="zanmai-lab" source="Orion">Zanmai Lab</keyword> and froze assets worth Rs 64.67 crore. </li><li>The ED has been conducting an investigation of 16 fintech companies and Instant loan apps.</li><li>WazirX is India's largest crypto exchange and has over 12 million users.</li></ul> Crypto exchange WazirX on Monday said the <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) has allowed it to use its bank accounts after it cooperated with the investigators by providing them all the necessary details, information and documents of the alleged accused companies who used the WazirX platform. The company said in a statement that due to the active cooperation extended by WazirX and active anti-money laundering (AML) checks that led to the blocking of suspicious accounts, "ED has unfreezed the bank accounts of WazirX". "WazirX is now in a position to continue its banking operations as usual," said the crypto exchange. Last month, ED sleuths raided WazirX's parent company Zanmai Lab. It searched the premises and froze its bank assets worth ₹ 64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". The ED has been conducting an investigation of 16 fintech companies and Instant loan apps, some of them happened to use WazirX platform. The company clarified that it has no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation and "is carrying out the <keyword id="12656622" type="General" weightage="20" keywordseo="kyc/aml" source="Orion">KYC/AML</keyword> checks despite having no legal obligation to do so". "WazirX is like any other intermediary whose platform may have been misused. After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were already blocked in 2020-2021," said the company. WazirX is India's largest crypto exchange and has over 12 million users. Several crypto exchanges are under the ED radar for their alleged involvement in money laundering of around ₹ 10 billion. Late last month, crypto exchange <keyword id="10245463" type="General" weightage="80" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>'s CEO Ashish Singhal said that the company fully cooperated with the ED officials in <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, after reports surfaced that ED raided its premises over alleged money laundering under the Prevention of Money Laundering Act (PMLA), 2002. Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he had said in a tweet thread. ED recently froze crypto lending platform Vauld's bank assets worth ₹ 370 crore over its "predatory lending practices". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-will-the-search-message-by-date-work-on-whatsapp/articleshow/94145465.cms">WhatsApp may soon allow users to search messages by date — here’s how it will work</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mensa-brands-acquires-myfitness-aims-to-turn-it-into-a-1000-crore-brand/articleshow/94146270.cms">Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tiago-electric-car-to-launch-soon/articleshow/94147690.cms">Tata Tiago EV to launch soon – could be the cheapest EV from the car maker</a>

ED allows WazirX to use bank accounts frozen after raids

<ul><li>The RBI allowed banks to integrate <keyword id="7392422" type="UNKNOWN" weightage="20" keywordseo="Video-KYC">video KYC</keyword> in the account opening process in January 2020.</li><li>Kotak Mahindra Bank has now introduced video KYC for customers opening new Kotak 811 savings accounts.</li><li>Other major banks are working on video KYC and are expected to launch the facility soon.</li></ul>In January 2020, India’s central bank the Reserve Bank of India amended the Know Your Customer (KYC) norms, allowing banks to use video calling to complete the KYC process for new customers. Now, amid the coronavirus pandemic, Kotak Mahindra Bank has announced that customers can open a full-fledged Kotak 811 savings account, becoming the first bank in the country to introduce video KYC in the account opening process. This will allow customers to open a bank account and finish the KYC process from the safety of their home. As per <a href="https://www.moneycontrol.com/news/business/online-kyc-is-here-no-need-to-visit-a-branch-to-open-a-bank-account-5287881.html">reports</a>, other major banks are also working on launching their video KYC platforms. Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “In the new normal world that we must now adapt to in the aftermath of COVID-19, Kotak’s emphasis on digital-first initiatives takes on even more meaning. In this context, Video KYC can prove to be a game changer where customer verification is completed from the comfort of one’s home or office without the need for a physical interaction.” How to open Kotak 811 savings account with video KYC Here’s what you need to open a Kotak 811 savings account <ul><li>Aadhaar number</li><li>PAN card</li><li>A paper and pen to upload your signature</li><li>A proper background with good lighting</li><li>Clear view of the customer’s face</li></ul>Once you have all the required things, follow the below steps - <div type="image" title="Kotak 811 savings account" msid="75990982" hostid="261" caption="&amp;lt;p&amp;gt;Kotak 811 video KYC application&amp;lt;/p&amp;gt;"></div> <ul><li>To begin, go to Kotak Mahindra Bank’s <a>website</a>.</li><li>Now, click on ‘Apply Now’.</li><li>Enter your name, mobile number and email ID.</li><li>Provide the bank consent to use Aadhar to open your account.</li><li>Now, enter your Aadhaar number, PAN and communication address.</li><li>Now, allow access to your phone’s location to begin the video KYC.</li><li>The bank executive will begin the video KYC.</li><li>Once your video KYC is completed, a Kotak 811 savings account will be opened.</li></ul>Note: Video KYC on Kotak is available from 10 am to 6 pm, Monday to Saturday. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/here-is-a-list-of-bank-atms-that-allow-you-to-recharge-your-jio-airtel-and-vodafone-numbers/articleshow/75006459.cms">Here is a list of bank ATMs that allow you to recharge your Jio, Airtel, and Vodafone numbers</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-apply-for-emergency-loan-from-sbi/articleshow/75441666.cms">How to apply for emergency loan from SBI</a> <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-schedule-whatsapp-messages/articleshow/75839535.cms">How to schedule WhatsApp messages</a>

How to open a bank savings account using video KYC

<ul><li>The Indian government has stated that <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> can’t launch their payments feature until they have an <keyword id="23557" type="ORGANIZATION" weightage="20" keywordseo="office">office</keyword> for it in the country. </li><li>Meanwhile, Whatsapp's <keyword id="381506" type="ORGANIZATION" weightage="20" keywordseo="Privacy-policy">privacy policy</keyword> for payments no longer says that its a beta product after the latest update. </li><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> and <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> are the newest banks to partner with the app. </li></ul>WhatsApp’s payments feature may not be in beta mode anymore, but the app still needs an <a href="https://www.business-standard.com/article/companies/whatsapp-payments-hits-new-hurdle-govt-asks-comp-to-set-up-office-in-india-118080100128_1.html">office in India</a> with a team installed for them to officially launch their venture. This requirement by the Indian government will further hinder the already delayed launch of the platform’s payment service. That being said, the removal of the ‘beta product’ tag from WhatsApp’s privacy policy sends the message that the company is moving forward with their launch plan. The update also includes two new banks, HDFC Bank and Axis Bank, that have no been integrated into the service. Repeated concerns As per the company’s original plans, the payments service on WhatsApp was set to roll out earlier this year, but the many obstacles have pushed the date back time and again. It started off with the pilot not having two-factor authentication, followed by data sharing issues with <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> and finally, the Reserve Bank of India (RBI) asked that all payment data needs to be stored within the country. The particular request for WhatsApp to set up an office specifically for its payment feature is a precautionary step. The government has <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/whatsapp-payments-hit-office-hurdle/articleshow/65221167.cms">concerns</a> over who will be held accountable if payments go awry. To share or not the share? The updated policy statement lists the terms and conditions that WhatsApp will adhere to while regulating the Unified Payments Interface (UPI) and its relationship with partner banks. It includes requirements like phone number registration with banks, existing relationship, KYC etc. But in light of the recent Cambridge Analytica debacle, more than the payments service, there are concerns over how the data will be shared. While the policy <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/whatsapp-pay-drops-beta-tag-adds-axis-hdfc-bank-to-list/articleshow/65221638.cms">states</a> that Facebook won’t have access to BHIM UPI transaction information in a ‘clear format’, they will be sharing collected data with their service providers that includes Facebook. The Ministry of Electronics and Information Technology (MeitY) has already raised this point in the past along with other concerns over data storage. WhatsApp’s dossier of problems in India only seems to be growing after being criticised for being the medium to spread fake news and rumours leading to a set of lynching incidents.

Beta no-more: WhatsApp isn’t slowing down, even without an office

<ul><li>The <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> judge says gatekeepers of the app ecosystem – Apple and <keyword id="19902762" type="General" weightage="20" keywordseo="google" source="keywords">Google</keyword> – are the new East India Company and they operate with complete arrogance and impunity.</li><li>Just as startup founders are coming under pressure, venture capitalists and auditors too need to be held accountable for their behaviour.</li><li><keyword id="20225195" type="General" weightage="20" keywordseo="shark-tank" source="keywords">Shark Tank</keyword> India has become a catalyst for driving entrepreneurship and giving it legitimacy. </li></ul> <keyword id="127971" type="General" weightage="100" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> is India’s original internet entrepreneur, who is the founder and CEO of People Group. Way before platform economy became a buzzword, Mittal built a platform for Indians seeking life partners. And even today one million Indians find their partners on shaadi.com every year. Call him the OG of startups or a serial entrepreneur, he is a man who does not mince words. In a free wheeling chat with Business Insider’s Malini Bhupta, Mittal talks about unfair trade practices of Google, his investment in Ola’s Bhavish Aggarwal and what he thinks is the biggest achievement of Shark Tank India. Edited Excerpts: With some high profile startups like Paytm and Byju’s coming under lens, what do you think is wrong with the startup ecosystem? I think the Paytm issue is a little different. There are two issues there in my view – one is valuation. The company came out with its IPO at the height of the unicorn boom and as a result, their valuation was corrected when the pvt. market corrected. This is part of the pricing game and one can hardly blame them for it. Eventually, they would have grown into their valuation is what I believe. However, the second issue which is regulatory in nature is far more serious. Whether it is justified or not I don’t know. I think there is a little heavy-handedness here as what you are talking about is a payments bank KYC stuff being the reason to shut them down, which could be seen as over-reach since they are not a significantly important lending institution. Talking about what is wrong with India’s ecosystem and why founders are behaving badly is a common issue that occurs when there are high levels of greed. When there is massive liquidity in the system people think they can take advantage of the situation. In the US you have seen Theranos, crypto frauds and an industry that was created around SPACs. Billions of dollars have been lost on that. What is happening in India is a small reflection of that. Greed manifests in two ways – one is the founders who are ambitious who see the ecosystem celebrating unicorns and that gets weaponised. Over time a few start with minor refractions and very soon they start fabricating revenues and manipulating auditors to keep up with the image that has been created. They are riding tigers they can't get off. The venture capitalists too want to see their investments being marked up as their future fund raises depend on the portfolio's net asset value and so they play along and at times actually drive the founders at a velocity that is unsustainable. I think they need to be held accountable by their LPs. Auditors have a very important role here and are perhaps the ones who need to pay the highest price through government censures. They are market participants who have been entrusted with a certain job for which they get paid hefty fees. When they start looking the other way, the system breaks. You have been waging a pitched battle against the unfair trade practices of Big Tech companies in India. What, in your view, are the steps that need to be taken by the government to prevent such unfair practices by large global players? Fundamentally the experience of the internet is through apps – two companies control the entire app ecosystem Google and Apple. Both operate with complete impunity. Two years ago the CCI passed an order against Google around <keyword id="963171" type="General" weightage="20" keywordseo="google-play" source="Orion">Google Play</keyword> Billing System (GPBS). Now they have changed the name to User Choice Billing. If you look at the order CCI says there will be no discrimination at all. Being on the App Store means nothing unless you advertise on Play Store. Startups spend anywhere between 10-50% of revenue on advertising on these platforms already. Essentially, the app store is worth nothing if you don’t have content. What choice does a company have but to adhere to their unfair practices… Now they say that any transaction that happens on apps downloaded via the store will be subject to 15-30% tax/commissions. What this means is that they want 50% of the revenues of the startups. It is the new East India Company and they operate with complete arrogance and impunity. The problem is in getting these companies to comply. Their strategy is to stretch out the legal process and tire the system. Our government and regulators have the right intent but sometimes democracies are messy. As a government, we have to ensure that nobody becomes the gatekeeper to our economy which is what these companies are trying to do. There should be penal provisions for anybody who abuses the law or twists and turns it while violating the very spirit of it. Non-compliance with judicial orders is contempt of court and so there is an opportunity to send a very strong message. These bullies need one arm chopped off in the form of penalties, a rap on the knuckles will not work as they are too big to care about a couple of hundred million in penalties. What is the biggest achievement of Shark Tank, which has now become a huge hit in India? In life timing is everything. Shark Tank’s first season was in December 2021, which was the peak of the startup hype cycle, and it demystified the whole conversation around startups and funding. Shark Tank has become a catalyst for driving entrepreneurship and giving it legitimacy. India is a land of entrepreneurs with every second person running some small business, many from home. A decade ago, if you told someone you are an entrepreneur, you would be told to come back when you get serious. The show has played an amazing role in celebrating entrepreneurship and the startup ecosystem. A lot of companies have done very well. About 8-10 companies that got funded in Shark Tank are doing very well out of 180 companies that came to the show. This is an early stage game and will play out the same way. When you invest in 100 early stage companies, 4-5 will do very well and help recover the investments and some will become very big. A majority will fail. What I found amazing was that the companies that came to the show were not the elites who came from IIT or IIM. These are small businesses founded by housewives and family members. Entrepreneurship is not the reserve of the few. The next decade will be defined by Indian entrepreneurs globally and so there is no better time to be an entrepreneur than now. Shark Tank has put belief in every Indian that they can do it and that changes the game. Many of the founders that come to Shark Tank can do even better than the founders who have come from an IIT or an IIM. I believe that these people understand commerce and ‘dhandha’. The elitist founders are used to being served everything on a platter. Many professionals who come out of large companies or consulting firms cannot start without large funding. Out of the 100 unicorns we have, many will spectacularly fail in 2024 as they were built on the wrong foundations. These companies were built on a template of Ivy League founders and old school networks and so they got funded. Of the businesses that come to Shark Tank, what sectors can do well and stand a better chance of being funded? Indians now have the same aspirations as people in other parts of the world. Anybody who comes in and can bridge the gap between aspiration and affordability will do well especially in lifestyle. For example - Companies in the clothing and jewellery space will do well if they can deliver high aspiration at a value pricing. Last year a company called Snitch came with a revenue of Rs 60 crore and is now doing Rs 250 crore in sales. A company called Skippy, which makes ice pops was funded on Shark Tank too and has a run rate of Rs 50 crore from a few lakhs before ST. I funded a company called Sharmaji Ka Atta which has a revenue run rate of Rs 20 lakh a month in less than 12 months from less than 1 lakh. Another one called Whatsapp Wellness just got funded by HUL. Fundamentally, companies that can build premium products but don’t break the bank on affordability in categories like fashion, lifestyle and food will do well. People read labels now and the young generation is focused on what they are eating. Beauty and wellness products will do well as a secular trend for most of our history Lakme meant beauty, that’s how unbranded we were. Do you feel Shaadi.com is still relevant after Tinder and other dating apps came about? Let’s understand why Tinder is used, it is for hookups and is struggling to grow its revenue in India. Shaadi.com is not an arranged marriage platform. Shaadi.com is a planned marriage platform. Indian culture has four stages of life and marriage is one of the life stages. When you are planning to marry you look for compatibility and it is not about a chemical reaction. On Shaadi.com the family and parents collaborate to find a partner. The old community networks are now dying and we replace those networks. We are bringing together people in the same life stage to find a like-minded partner. The hook-up sites don’t do that and don't understand the Indian ethos. They are applying the same global model to India which does not work beyond a certain point. You were the original internet entrepreneur with a disruptive product. Why did you not create a large business that went on to become a decacorn or a unicorn? It depends on how you define success. If the definition is labels such as decacorn and unicorn, then that's not the game we are playing. Those are vanity labels that I would rather not pursue. Our definition of success is value creation and we are long-term compounders, much like Berkshire &amp; LVMH, so in a sense our ‘overnight’ success story is still waiting to become obvious to the world. From that lens, our ROCE is perhaps the best in the industry we have only ever raised about $20 mn but created several billion in value between our operated and invested cos. Our investee companies employ thousands, have raised over $20 bn and will go on to create $100 bn in value over time, in the bargain generating tremendous wealth for the country and hopefully for us too. We boast an IRR of 52% consistently for more than a decade which is extraordinary by any standards and a testament to our approach and story. Many people build businesses but we were fortunate to create entire industries such as online matchmaking via Shaadi.com, which we still run; proptech company Makaan.com which we sold to NewsCorp very handsomely; India’s first &amp; still the largest digital ad agency, Interactive Avenues, which we sold to IPG at a benchmark price that is yet to be crossed; India’s first mobile gaming company, Mauj Mobile which spawned a massive industry. So, whether it is our customers, employees, shareholders, the country or society at large, I think we have already impacted 10s of millions and while we don’t have a market listed entity like Jio or TCS to show for it, we have delivered massive national and global level impact. Keep in mind that we are most often the first to check into investee cost and every company we have founded has been the first in its industry. Our innovations have generated billions of dollars in wealth and given rise to innumerable founders and entrepreneurs who have learnt at our companies and gone on to build massive companies of their own. Further, I am still very young and the Indian opportunity is only now unfolding. In the next couple of years, you will see some of our other bets in space exploration, mobility real edtech, &amp; sustainable fintech come into the limelight besides something very special we are building on our own. So, in short, I still remain the OG and if you force me to use your labels we have birthed not one or two but several Unicorns &amp; Decacorns and that too with very limited capital. It is perhaps one of the most spectacular untold stories of value creation in the digital economy. Ola is one company that is headed for an IPO and you own 2% in the company. How did that happen? When we invested in Ola, there was not much of a concept of venture funding and the company did not have any suitors so we were able to get in at a very attractive valuation and hold an extremely healthy minority stake which obviously has been diluted over time. I think the network effects are so large that it is hard for others to get into it. I am still a shareholder and looking forward to the initial public offering. I invested in 2012 and when I met Bhavish first, I did not understand the problem he was solving as I live in Mumbai where cabs are available. So I did not think there was a problem. A few days later when I was in Delhi and needed a cab, I was told that they would call a taxi stand. After I came back from Delhi, I realised there was a problem everywhere. And I used to call the call centre and Bhavish used to answer the call centre, which showed me his commitment and reminded me of myself when I had started and so I invested.

Anupam Mittal hits out at Google — 'Tech bullies need one arm chopped off in the form of penalties'

<ul><li><keyword id="3521672" type="General" weightage="20" keywordseo="expressvpn" source="Orion">ExpressVPN</keyword> has announced that it has removed its servers from India.</li><li>This is in response to the Indian government's guidelines on storing user data.</li><li>ExpressVPN has said that users will still be able to use Indian IP addresses.</li></ul>Express<keyword id="201519" type="General" weightage="100" keywordseo="vpn" source="Orion">VPN</keyword>, one of the most popular virtual private network (VPN) providers, has announced removing its servers from India. This comes after the Indian government issued updated <a href="https://www.businessinsider.in/business/telecom/news/what-is-the-impact-of-new-vpn-guidelines-on-users-and-vpn-providers/articleshow/91468069.cms">guidelines</a> that made it mandatory for VPN service providers to store user data for a period of five years. VPN service providers have said the guidelines issued by the Indian Computer Emergency Response Team (CERT-In) undermine users’ right to online privacy and are against such rules. “With a recent data law introduced in India requiring all VPN providers to store user information for at least five years, ExpressVPN has made the very straightforward decision to remove our Indian-based VPN servers,” the company said in a blog post. <cmsannotation type="cmsannotation" annotationid="ExpressVPN slams new guidelines" comment="subhead" text="ExpressVPN slams new guidelines">ExpressVPN slams new guidelines</cmsannotation> ExpressVPN has not minced its words and has claimed that the new guidelines are “overreaching” and “open up the window for potential abuse”. It has also added that the company will not participate in the “government’s attempt to limit internet freedom”. “We believe the damage done by potential misuse of this kind of law far outweighs any benefit that lawmakers claim would come from it,” the company added. <cmsannotation type="cmsannotation" annotationid="What is the directive from the Indian government?" comment="subhead" text="What is the directive from the Indian government?">What is the directive from the Indian government?</cmsannotation> The directive issued by the government mandates VPN providers to maintain the following data as part of the know your customer (KYC) policy for a period of five years – <ul><li>Validated name of subscriber</li><li>Period of hire</li><li>IPs allotted to the subscriber</li><li>Email address, IP address and time stamp used at the time of registration.</li><li>Purpose of hiring services</li><li>Validated address and contact numbers</li><li>Ownership pattern of the subscribers</li></ul><cmsannotation type="cmsannotation" annotationid="Users will still be able to use Indian IP addresses" comment="subhead" text="Users will still be able to use Indian IP addresses">Users will still be able to use Indian IP addresses</cmsannotation> In relief to users, ExpressVPN has said that this will have no impact on the ability of users outside India to connect to Indian IP addresses. The company is using “virtual” Indian servers that are physically located in Singapore and the UK. The company has claimed that there will be a minimal difference and users will be able to choose from India (via Singapore) and India (via UK) servers. This will also have no impact on Indian users looking to connect to foreign servers. “As for internet users based in India, they can use ExpressVPN confident that their online traffic is not being logged or stored, and that it’s not being monitored by their government,” the company said. <cmsannotation type="cmsannotation" annotationid="ExpressVPN may not be the only company to exit India" comment="subhead" text="ExpressVPN may not be the only company to exit India">ExpressVPN may not be the only company to exit India</cmsannotation> ExpressVPN is likely the first among many VPN service providers to exit the Indian market. Companies like NordVPN and PureVPN have already said that it is not possible to comply with the government’s guidelines that come into effect from June 27 and are contemplating removing their servers from the country. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/what-is-the-impact-of-new-vpn-guidelines-on-users-and-vpn-providers/articleshow/91468069.cms">Indian government's VPN guidelines will impact over 270 million users as VPN providers have no option but to leave the country</a> <a href="https://www.businessinsider.in/tech/news/corporate-vpns-will-reportedly-not-be-affected-by-the-new-vpn-guidelines-in-india/articleshow/91534641.cms">Corporate VPNs will reportedly not be affected by the new VPN guidelines in India</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-will-soon-allow-you-to-edit-sent-messages-heres-how-it-will-work/articleshow/91936807.cms">WhatsApp might soon allow you to edit sent messages – here’s how it will work</a>

New VPN rules: ExpressVPN removes its servers from India, other companies may pull out too

Mumbai, Jun 7 () Despite the lockdown, the largest private sector lender HDFC Bank has been able to add 2.5 lakh new customers in the last 40 days through an online facility which helps open savings accounts instantly, sources said. The account is created using a "limited know your customer (KYC)" requirement provision, and the customer has a year's time after the instant account opening to update full details, the sources told . The 'Instant Account App' was launched in late April, when there was strict lockdown across the country. Banks were classified as an "essential service" and allowed to be open, but the lockdown meant fewer customer footfalls, making the online alternative helpful to open new deposit accounts. "All the 2.5 lakh accounts which have been opened are new bank customers," a source said, adding that the minimum average monthly balance requirement is Rs 10,000 for metro cities, Rs 5,000 for semi urban centres and Rs 2,500 for rural centres. Most of the accounts which have been opened are from containment zones and red zones in metros and urban areas, the sources said, adding that semi-urban and rural areas have also seen activity. The account is opened using basic KYC details like Aadhaar card, a valid PAN (permanent account number) and one-time password via SMS, and gets activated instantly. A bulk of the transactions being witnessed with such accounts are online shopping and cardless cash withdrawals at automated teller machines (ATMs) which can be started using the app, they said. The bank marketed the instant account opening through social media, mails and Whatsapp messaging, they said, adding that word of mouth also helped. As per the RBI, individuals can opt for such an account with limited KYC, and the maximum balance in such accounts has been capped at Rs 1 lakh, according to reports. AA RVK

HDFC Bank nets 2.5 lakh new customers through instant account opening in lockdown

With an increasing demand for regulatory compliance in a continuously evolving technology industry, a research report titled “<a href="https://www.kyckr.com/voice-of-the-kyc-compliance-professional/">Voice of the KYC Compliance Professional</a>” by Kyckr said nearly three-quarters of the compliance workforce felt burnt out. This can be detrimental as even the smallest mistake can cause million-dollar losses. A few well-placed strategies can ensure that a Compliance <keyword id="84644" type="General" weightage="20" keywordseo="burnout" source="Orion">Burnout</keyword> can be reduced effectively. The pandemic has forced transformation in almost all sectors. Businesses had no choice but to go digital under the global lockdown conditions, and the only industries that thrived even when streets were empty were the ones that underwent a rapid digital transformation. With this change came the challenges of data privacy, network privacy, and a whole host of other regulations that were imperative. One of the most active areas of the enterprise was the teams that were ensuring their company followed all regulations and compliances, to stay on the right side of the law. Once the business environment became increasingly digital and the restrictions began to ease, many areas began to bounce back, especially those of compliance and quality checking. Working hybrid, adjusting to the new normal, and yet ensuring all compliances documents, data and regulations were on dot, made many compliances resources and teams feel overworked and underpaid. The Kyckr report says that more than half of them wish to change their jobs. Coupled with the need to integrate rapidly changing and emerging technologies, and demanding absolute focus and attention to detail, the mental and physical well-being of the compliance teams was taking a step down, and eventually causing burn-out. The top causes of burn-out can be placed into 3 distinct areas, as follows: <ol><li>Prevention of violations, with minimal coordination</li><li>Lack of <keyword id="14123331" type="General" weightage="20" keywordseo="management-support" source="Orion">management support</keyword></li><li>Accountability and blame</li></ol><cmsannotation type="cmsannotation" annotationid="1. Prevention of violations, with minimal coordination" comment="subhead" text="1. Prevention of violations, with minimal coordination">1. Prevention of violations, with minimal coordination</cmsannotation> As a general rule, the responsibility of ensuring that all compliance regulations and laws are met and no violations are occurring falls solely on the Compliance Officer and <keyword id="9370423" type="General" weightage="20" keywordseo="compliance-team" source="Orion">compliance team</keyword>. However, it is not always fully acknowledged as an essential role by the stakeholder or by other teams. Many other departments of an organization might find the team to be intrusive, which in turn hinders the team’s duties. This can cause burnout for the compliance leader, and in turn, cause unwanted errors and issues going past unnoticed. How can this be avoided? One way to handle this is to create a timeline around the needs of the other areas of the organization. In this way, they can reduce the workload and stress caused to the stakeholder, and also create a proper format in which all requests related to compliance are handled and closed. Another path would be to simplify the controls and decrease the duties connected to compliance activities, while also creating relevance for the departments. Not only would this create smoother coordination amongst teams, but it would also allow the value of compliance to be visible to all in the company. <cmsannotation type="cmsannotation" annotationid="2. Lack of management support" comment="subhead" text="2. Lack of management support">2. Lack of management support</cmsannotation> While the first topic touches upon inter-departmental duties and responsibilities, there is always a requirement for support from the higher management in ensuring that the compliance structures created are enforced, and followed. Inadequate funds are another cause that could cause the team to withdraw support or provide inadequate support, along with little control over their responsibilities. This causes frustration, which adds to burnout. How can this be avoided? One simple strategy would be to include the compliance officer in the top management meetings. This would allow them to quantify the risks involved, and create the required awareness of the hard work and accuracy involved in keeping the organization above any legal issues. By adding a monetary value to the risks, the management can then better understand where the funds are to be allocated. A compliance officer would also be able to add operational value by doing so and find it easier to add more input and create effective controls in the organizations with ease. <cmsannotation type="cmsannotation" annotationid="3. Accountability and blame" comment="subhead" text="3. Accountability and blame">3. Accountability and blame</cmsannotation> Being a compliance leader is no easy feat, due to the ever-changing laws and regulations. From certifications and reports, audits, and regulations, a leader is in charge of every single compliance of the company. While strict controls may be placed by the compliance leader, there is no actual hold of the leader over these controls. This does not mitigate that any unforeseeable occurrence of any breach of compliance would still fall squarely on the compliance leader, and this blame can cause unwanted stress. How can this be avoided? The data collected from the primary sources can be sifted when received, to check if there is any possibility of an issue arising. This control can be slowly integrated into the daily operations of the organization, and create a process that can predict, detect and circumvent any probable negative outcomes to compliance. Being embedded into the process performed by a department, it has minimal chances of being neglected, thus creating a stronger structure overall. Decreasing burnout for the team gives the company a better performance output and also ensures higher job satisfaction, which in turn reduces the workforce turnover for an organization. This can positively boost the outcomes of the organization while creating a strong control system to ensure minimal errors, thereby increasing the efficiency of the organization overall. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/why-a-rate-hike-is-not-all-bad-news-for-you-and-how-you-can-take-advantage-of-rising-interest-rates/articleshow/92029328.cms">Why a rate hike is not all bad news for you – and how you can take advantage of rising interest rates</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-1-display-specifications-leaked-ahead-of-launch-heres-everything-we-know-so-far/articleshow/92029049.cms">Nothing phone (1) display specifications leaked ahead of launch - here's everything we know so far</a> <a href="https://www.businessinsider.in/tech/apps/news/best-upcoming-whatsapp-features-edit-messages-recover-deleted-messages-polls-cover-photos-and-more/articleshow/91987176.cms">Best upcoming WhatsApp features – edit messages, recover deleted messages, polls, cover photos and more</a>

You Searched For "whatsapp kyc" and got 9 results

WhatsApp users may soon have to verify their identity to make payments

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Anupam Mittal hits out at Google — 'Tech bullies need one arm chopped off in the form of penalties'

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New VPN rules: ExpressVPN removes its servers from India, other companies may pull out too

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HDFC Bank nets 2.5 lakh new customers through instant account opening in lockdown

PTI

Is your compliance team on the verge of a burnout?

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