The customers, both deposit and borrowal accounts can open the bank account using OTP based e-KYC. The Reserve Bank made the amendments to ‘Principal Directions on KYC ‘(Know Your Customer (KYC)) Directions, 2016 (Master Direction No.DBR.AML.No.81/ 14.01.001/2015-16 dated February 25, 2016) with effect from December 8, 2016. In terms of the e-KYC amendments now made under above notifications are subject to the following conditions.
For opening accounts of juridical persons not specifically covered above;
The accounts of juridical persons such as Government or its Departments, societies, universities and local bodies like village panchayats can be opened with the certified copies of the following documents ;
The banking regulator notified to all the Scheduled Commercial Banks to invariably upload the KYC data pertaining to all new individual accounts opened on or after January 1, 2017, with Central KYC Records Registry and CERSAI in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. However, the Scheduled Commercial Banks SCBs are allowed time up to February 1, 2017, for uploading date in respect of accounts opened during January 2017.
The Regulated Entities other than Scheduled Commercial Banks are asked to upload the KYC data pertaining to all new individual accounts opened on or after from April 1, 2017, with CKYCR and CERSAI in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
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