10383 - RBI explains all you need to know about KYC norms to open a bank account - DNA India

RBI explains all you need to know about KYC norms to open a bank account

(Reuters)

The Reserve Bank of India published 26 frequently asked questions (FAQs) about Know Your Customer (KYC) guidelines, along with corresponding answers, to make it simpler for those looking to open a new bank account.

In his last post-monetary policy media interaction, outgoing Governor Raghuram Rajan talked about KYC guidelines, telling the press, that RBI constantly changes the KYC norms to make it simpler for people to open bank accounts but the local branches and banks are often not intimated. He said, when the tweaks are made, the changes go up on the central bank's website, a copy of which should suffice to notify the local bank branches.

While Rajan told the gathering that the RBI had already made certain changes to the KYC norms, he said there would be more, going ahead.

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As banking becomes more accessible, and opening a bank account becomes simpler, one of the focus areas of the RBI is KYC. In fact, when you log onto the RBI website right now, you will first get a notification about KYC with six simple guidelines.