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

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

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).