The Reserve Bank of India today announced a slew of measures, including a simplification of the stringent KYC (know-your-customer) norms, to make banking easier for the common man. "It is proposed to review the existing KYC norms for simplifying them within the provisions of the Prevention of Money Laundering Act and international standards," RBI said in its second quarter policy review. The central bank also said it will launch a pilot project, using the Aadhar data collected by Nandan Nilenkani-headed Unique Identification Authority (UIA), to authenticate banking transactions at ATMs and merchant terminals............
Read - Indian Express
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