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The Reserve Bank of India (RBI) has updated the know your customer (KYC) norms for banks and financial entities.
RBI stated, “Regulated entities (RE) have to ensure that no account is opened where the RE is unable to apply appropriate customer due diligence (CDD) measures, either due to non-cooperation of the customer or non-reliability of the documents/information furnished by the customer.”
Banks and NBFCs have also been informed not to allow any transaction or account relationship without following the CDD procedure and the mandatory information to be sought for KYC purpose while opening an account and during the periodic updation.
