The Reserve Bank of India has revised “Know Your Customer” or the KYC guidelines. The KYC norms have been revised following the government’s decision to update the ‘Prevention of Money Laundering’ rules in June 2017. The RBI made linking of national biometric ID Aadhaar to bank accounts mandatory. However, it said this will be subject to the final decision of the Supreme Court 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 Diligence procedure, 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.
Source- DD News
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
- Urjit Patel- 24th Governor of RBI, Headquarters- Mumbai, Established on- 1st April 1935, in Kolkata.