..............RBI deputy governor R Gandhi said that KYC was always there in banking! The focus, earlier, was more on the asset side and not on the liability side as no banker could risk parting with his funds to an unknown person.Speaking at the Federation of Andhra Pradesh Chambers of Commerce and Industry, Hyderabad, on Friday, Gandhi said, “The thorough appraisal process to screen the potential borrowers is a good example of KYC process.” The theme of the session was, "KYC: Compliance vs Convenience". Below are the excerpts of R Gandhi's speech:............
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