Sunday, May 20 2018

April 22, 2018

Reserve Bank of India revised KYC norms

Mumbai- KYC norms have been revised by RBI following the decision of Govt to update the PML rules in June last year.Reserve Bank of India made linking of national biometric ID Aadhaar to bank accounts mandatory. However, it said this will be subject to the final decision of the SC on making of Aadhaar mandatory.Till now, an Officially Valid Document for address proof together with Permanent Account Number issued by the Income Tax department and a recent passport size photograph were the key KYC documents. But in the amended Customer Due Diligenceprocedure, the Aadhaar number, the PAN or Form No. 60 need to be obtained from an individual who is eligible for applying for the biometric ID.