RBI has updated banks with new requirements on KYC; please check them out right away

 RBI has updated banks with new requirements on KYC; please check them out right away

RBI KYC Master Direction: In order to fortify the Know Your Customer (KYC) system even further, the RBI has launched a new program. The RBI has released master directives pertaining to KYC.

Bank Negara India KYC Revision: The Reserve Bank of India is conducting a variety of programs to combat fraud, both online and offline. Another endeavor has been launched by RBI as part of its decision to fortify the Know Your Customer (KYC) customer verification mechanism. Banks and non-banking financing organizations are periodically required to use the KYC system under this new effort.

The Central Bank has revised the KYC "Master" rules after evaluation. This means that in accordance with the guidelines, banks, non-banking financial firms (NBFC), and other organizations under the RBI's jurisdiction must do due diligence on their clients.

updated these suggestions, including FATF

Let us explain that the government's new guidelines on the Anti-Money Laundering Rules, the Unlawful Activities (Prevention) Act (UAPA), and the Weapons of Massive Destruction as well as their Delivery Systems (Prohibition of Unlawful Activities) Act were the catalyst for this RBI change. According to the Reserve Bank, it has also revised several guidelines to comply with the FATF's recommendations.

The Reserve Bank has released new guidelines.

The risk-based system has been adjusted for recurring KYC updates, according to the RBI's master guidelines.

According to this, the units coming under the Central Bank's control would need to develop a risk-based mechanism for regular KYC updates. to guarantee the retention of data gathered during customer investigations, particularly in cases where there is a significant level of risk.