Friday, September 5, 2014

RBI directive to banks on KYC norms for medium and low risk customers

The Reserve Bank of India on Thursday asked banks and all India financial institutions to dispense with the requirement of ‘positive confirmation’ at two/three years in respect of medium and low risk customers respectively. Positive confirmation pertains to obtaining Know-Your-Customer related updates through e-mail/ letter/ telephonic conversation/ forms/ interviews/ visits, etc..........

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