Reserve Bank of India, on 29th September, 2016 directed banks and financial institutions to publish photographs of only wilful defaulters in the newspapers. RBI directed that photographs of other defaulters, who have not been declared as wilful defaulters are not to be published by banks and financial institutions. You may Read more…
KYC or “Know your customer” is a regulatory and legal requirement. KYC is important to prevent identity theft, financial fraud, money laundering and terrorist financing. Every Bank has framed a KYC policy by incorporating the directions of RBI such as Customer Acceptance Policy, Customer Identification Procedures, Monitoring of Transactions and Risk management. The Read more…
FEDAI has issued guidelines regarding joint holding in NRO accounts with residents. The guidelines have been issued by FEDAI based on clarifications sought from RBI. The FEDAI guidelines are given as under: Joint holding with residents Reference para 7 of schedule 3 of Reserve Bank of India notification number FEMA Read more…