::::: MINISTRY OF FINANCE INITIATIVES 11TH BI-PARTITE PROCESS ::::: ::::: HAPPY PONGAL :::::

Wednesday, October 22, 2014

RBI asks banks to partially freeze KYC non-compliant accounts

Customers, who have not complied with KYC requirements despite repeated reminders, may face trouble with RBI today asking banks to partially freeze and subsequently close such accounts.

"As regards non-compliance of KYC ( Know Your Customer) requirements by the customers despite repeated reminders by banks, it has been decided that banks should impose 'partial freezing' on such KYC non-compliant in a phased manner," the Reserve Bank said in a notification.

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