..............Cobrapost’s exposes’, CBI’s revelations and RBI ongoing investigations should be reasons enough for cooperative banks to tighten their Know Your Customer (KYC) compliance process, by undertaking above mentioned 3 definitive steps. Cloud based KYC compliance tools adoption could easily ensure RBI mandated regulatory compliance, without any capital expenditure in hardware or software. Unlike larger financial institutions, cloud based compliance solutions are ideally suited for India’s cooperative banks, since only cost that such smaller banks need to incur is highly affordable pay-as-you-go subscription fee.
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