RBI relaxed KYC rules for Non-Banking Financial Companies: *********************************************************************** i. Know-Your-Customers (KYC) rules for Non-Banking Financial Companies (NBFCs) were relaxed by the Reserve Bank of India (RBI). ii. The KYC rules were amended for NBFC’s due to practical difficulties and constraints being faced by them in getting KYC documents at frequent intervals. iii. As per RBI notification, the KYC exercise will be required to be done in three ways and they are For high-risk individuals and entities – in at least every 2 years For medium risk individuals and entities - in at least every 8 years For low risk individuals and entities – in at least every 10 years
Posted on: Sun, 04 Jan 2015 16:39:12 +0000
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