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RBI KYC NORMS
RBI fines Canara Bank for violations related to KYC, inactive accountsThe Reserve Bank of India has taken action against Canara Bank, slapping a substantial Rs 41.8 lakh fine for failing to comply with Know Yo...- NRI but using resident savings account? Here’s what you must know about NRE, NRO, and FEMA rulesNRIs must update their Indian bank accounts to NRE or NRO status to comply with FEMA regulations. Failing to do so can result in significan...
- RBI proposes measures to strengthen Prepaid Payment Instruments frameworkThe Reserve Bank of India is introducing new rules for Prepaid Payment Instruments. These changes aim to boost the long-term growth of thes...
- RBI eases KYC norms, allows banking correspondents to update detailsThe Reserve Bank of India has instructed banks and NBFCs to permit transactions for low-risk customers with pending KYC until June 30, 2026...
- RBI’s stricter KYC rules may slow merchant onboarding 90%: expertsThe new rules will be applicable to existing payment aggregators such as Razorpay, Cashfree, and PayU, card payment companies, such as Pine...
- RBI revises definition of politically-exposed persons for KYC purposeThe earlier norms pertaining to PEPs were open-ended and there was a lack of clarity on the definition, apparently leading to issues for ba...
- You need to submit fresh KYC documents in certain cases: When is it required?According to the central bank, a new KYC procedure can be completed in person at a bank branch or online using a video-based Customer Ident...
- RBI eases compliance norms for customer KYC verifications“Keeping in view the covid-related restrictions in various parts of the country, regulated entities are being advised that for the customer...
- RBI imposes fine of Rs 3 crore each on Deutsche Bank, J&K BankThe RBI also slapped a fine of Rs 3 crore on state-owned Jammu and Kashmir Bank Ltd for violating similar norms.
- KYC rules in banking system have been simplified considerably: Raghuram RajanRajan also pointed out that under the new KYC rules a customer can self-certify change in address without visiting a bank branch.
- RBI imposes Rs 2 lakh penalty on Kapadwanj People's Co-operative BankRBI imposed a penalty of Rs 2 lakh on the Kapadwanj People's Co-operative Bank for violation of norms, including those on advances and KYC.
- Violation of KYC norms: RBI slaps Rs 50 lakh penalty on ICICI Bank, Rs 25 lakh on Bank of BarodaA scrutiny was undertaken in the five banks in January, 2014 and based on the findings, the RBI issued a show cause notice to each of these...
- RBI monetary policy: Know-your-customer must for all bank customersRBI Tuesday said those who have not complied with the KYC norms may face the risk of being barred from withdrawing cash from their accounts.
- RBI releases note, poster on KYC to help public open accountsReserve Bank today released a note and a poster to increase awareness about Know Your Customer (KYC) norms for opening bank accounts.
- KYC norms for SHGs eased, all members need not be verifiedThe KYC guidelines have been formulated to protect the financial system against threat of money laundering/terror financing and frauds.
- RBI fines 48 banks for violation of KYC, AML norms in six monthsIn the first six months of 2011, the apex bank has slapped penalties on 48 erring banks, mostly co-operative, as compared to just 15 such a...
- Citibank fraud: RBI probes possible violation of KYC, STR normsRBI is probing whether there have been any violation of norms related to customer verification and monitoring of accounts.
- Follow KYC norms to check terror funding; RBI to coop banksMany a times the address and contact details of such mules are found to be fake or not up-to-date, making it difficult for enforcement agen...
- Bank accounts with inadequate client info to be closedBank customers who have not submitted proper documents for opening an account now face the risk of their accounts being permanently frozen ...
- No address proof? You can still open an a/cThe stringent Know Your Customer (KYC) norms had forced banks to put off many small customers or those aspiring to be part of the banking s...
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