Friday, March 15, 2013

RBI May Tighten KYC and Fund Transfer Norms

...the RBI may take a closer look at the KYC guidelines for cooperative banks since the expose by cobrapost.com alleges that it is easier to route money through coooperative banks to convert it into white money. Cooperative banks come under the dual jurisdiction of state governments and the RBI, making it difficult for the RBI to effectively regulate them.

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