Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: due date for vat payment :: ACCOUNTING STANDARDS :: cpt :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Latest Circulars »
 Decrease in Foreign Investment limit/ceiling under the PIS in Indian Companies from 49% to 47% - M/s Ujjivan Financial Services Limited
 RBI launches the May 2017 Round of Inflation Expectations Survey of Households
  RBI announces auction of a 15-days Government of India Cash Management Bill
 Auction of Government of India Dated Securities April 24, 2017
 RBI- Compliance with Ghosh Committee Recommendations
 RBI announces auction of a 15-days Government of India Cash Management Bill
  Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Amended
 Minutes of the Monetary Policy Committee Meeting April 5-6, 2017
 Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Amended
 RBI-Professor Willem H. Buiter, Global Chief Economist, Citigroup, delivers the Sixteenth C.D. Deshmukh Memorial Lecture titled ‘The Good and the Bad Fiscal Theory of the Price Level’
 RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: January – March 2017 (Round 37)

RBI-KYC Norms /Anti-Money Laundering Standards/Combating Financing of Terrorism (CFT)/Obligation of Banks under PMLA, 2002 - Simplifying Norms for Self Help Groups
April, 02nd 2013

RBI/2012-13/461
RPCD.RCB.RRB.AML.BC.No.71/07.51.018/2012-13

April 01, 2013

The Chairmen / CEOs of all Regional Rural Banks /
State and Central Co-operative Banks

Dear Sir,

Know Your Customer (KYC) norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 - Simplifying norms for Self Help Groups

Please refer to our circular RPCD.CO.RRB.RCB.AML.No.6097/7.51.018/2012-13 dated December 13, 2012 on simplification of Know Your Customer (KYC) norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. In order to address the difficulties faced by Self Help Groups (SHGs) in complying with KYC norms while opening savings bank accounts and credit linking of their accounts, it has been decided to simplify certain norms for SHGs.

2. Accordingly, KYC verification of all the members of SHG need not be done while opening the savings bank account of the SHG and KYC verification of all the office bearers would suffice. As regards KYC verification at the time of credit linking of SHGs, it is clarified that since KYC would have already been verified while opening the savings bank account and the account continues to be in operation and is to be used for credit linkage, no separate KYC verification of the members or office bearers is necessary.

3. Banks may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same.

Yours faithfully,

(Madhavi Sharma)
Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions