Keeping in view the current COVID-19 related restrictions in various parts of the country, REs are advised that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no restrictions on operations of such account shall be imposed till December 31, 2021,
RBI introduces video-based identification process for KYC. RBI approves Aadhaar-based video authentication as alternative to e-KYC. Video KYC will have to be verified through Aadhaar.
The apex bank eased regulations for Basic Savings Bank Deposit (BSBD) Accounts, popularly known as ‘no-frills’ accounts. As part of the financial inclusion drive, the RBI had asked banks to provide BSBDA as a savings account offering – certain minimum facilities, free of charge. The Reserve Bank of India (RBI) on Monday said commercial banks need to…
RBI vide Notification dated 29th May 2019 made amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. An Ordinance, “Aadhaar and other Laws (amendment) Ordinance, 2019”, has been notified by the Government amending, inter alia, the Prevention of Money Laundering Act, 2002. Important changes carried out in the Master Direction in accordance with…
Summary of the important announcement regarding Banning of 500 & 1000 Rupee Note : 1. Black money issue, 500 rupees and 1000 rupees banned from Midnight. 2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only. 3. All Residents have option till 30th December 2016, to deposit…