RBI's new KYC rules: Simplified verification and enhanced security

Quick Summary:

Air pollution driving up health costs? “The Reserve Bank of India’s recent amendments to KYC guidelines aim to streamline the verification process, making it easier and more secure for consumers.

Enhanced monitoring of high-risk accounts: High-risk accounts, such as those with numerous cheque book requests, frequent small cash deposits, or similar cheque amounts, must undergo increased scrutiny.

Ultimately, this move will make financial transactions more accessible and reliable, benefiting both consumers and financial institutions alike with immediate, user-centric improvements,” said Sandeep Sethi, V-P of Sales- India & South Asia, Wibmo, (a PayU company).

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Article Details

Category: BusinessFinance

Markets: India

Topics: KYC compliance Digital KYC KYC KYC Know Your Customer RBI KYC rules amendments Know Your Customer Customer Due Diligence RBI KYC Identifier Now-your-customer Financial Security Banking Regulations

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 16:57:52 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 593 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23460562

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