New KYC guidelines issued

The Reserve Bank of India (RBI) has said that full Know Your Customer (KYC) exercise will be required to be done in at least every two years, eight years & ten years for high risk, medium risk and low risk entities respectively. Moreover, positive confirmation will be required to be completed in at least two and three years for medium & low risk entities respectively. The banks are also required to obtain fresh photographs from the minor customers on becoming major.