Your bank deals in banking with a wide variety of customers. Along with depositors and lenders, some customers also come to you for certain types of banking services. Financial transactions through banks should be transparent and realistic.
The Reserve Bank has issued circulars from time to time to ensure that the bank is fully aware of its customers and their transactions through the bank and that the banking system should not be misused for anonymous transactions or money laundering. Accordingly, as per the Board of Directors meeting dated 12/5/2017, Resolution no. Expected action has been taken by taking proper notice under section 30. In this regard, as per the first circular of the Reserve Bank of India dated 18/09/2002, instructions have been given regarding Know Your Customer and cash transactions. Know Your Customer provides instructions on customer identification, account fulfillment. Referring to the same circular, the Reserve Bank of India has issued circulars dated 25/02/2016 and 01/07/2015 confirming the existing accounts as well as the customer's address and identity in case of accepting and identifying new customers on the basis of their required documents. The process is instructed to be implemented through a time-bound action program. Also, on 25/02/2016, the Reserve Bank of India issued the KYC in accordance with the Prevention of Money Laundering Act, 2002 (PMLA 2002). Adherence to the given master directions in this regard will be done as per policy.