Friday, January 16, 2015

RBI eases KYC norms for NBFCs

The rules have been eased for getting KYC documents at frequent intervals. Full KYC (Know your Customer) exercise will be required to be done at least every two years for high risk individuals and entities, at least every 10 years for low risk and at least every 8 years for medium risk individuals and entities, taking into account whether and when client due diligence measures have previously been undertaken and the adequacy of data obtained. However, it added that physical presence of clients may not be insisted at such periodic updations.

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