NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » RBI warns banks to strictly follow KYC rules

RBI warns banks to strictly follow KYC rules

July 13, 2013 17:27 IST

The Reserve Bank of India (RBI) asked banks to strictly adhere to customer identification and anti-money laundering rules for walk-in customers when selling insurance, mutual fund, gold and any other products above Rs 50,000.

The RBI added its admonition comes after observing that some banks were not complying with "know-your-customer" rules for walk-in


"It is reiterated that banks should meticulously follow the instructions in letter and spirit and ensure that violations of the above nature do not recur. Such violations would be viewed seriously by the Reserve Bank and would involve imposition of penalties," the RBI said in its release.

Suvashree Dey Choudhury in Mumbai
© Copyright 2018 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.