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Know Your Customer Guidelines-Compliance

RBI/2004/ 119

UBD.BPD. PCB. Cir 41 /09.161.00/2003-04

March 26, 2004

 

The Chief Executive Officers of all Primary (Urban) Co-operative Banks

Dear Sir,

"Know Your Customer" Guidelines-Compliance

Please refer to our circular UBD No. DS.PCB. Cir 17/13.01.00/2002-03 dated September 18, 2002 on " Know Your Customer Guidelines" to be followed by banks.

2. In this connection, we invite your attention to para 3 of the circular wherein you were advised that banks should verify the compliance in regard to Know Your Customer (KYC) procedures for the existing customers based on the instructions extant at that time and to ensure that any omission in this regard is rectified at the earliest. It has now been decided that banks should draw up a time bound action plan as under for completing this exercise to ensure verification of the identity and address of the customer on the basis of reliable documents, in respect of all the old accounts. We may add that in the case of partnership firms, KYC procedures may be applied to all the partners.

 

S.No.

Nature of Customer Accounts

Prescribed date for completion of the process

1

All accounts, of companies, firms, trusts, institutions etc,including borrowal accounts.

June 30, 2004

2

All Customer accounts, including borrowal accounts, opened during the period from January 1, 1998 till date (other than those included in category 1 above,)

September 30, 2004

3

All Customer Accounts, including borrowal accounts, opened between January 1, 1993 and December 31, 1997(other than those included in category 1 above.)

December 31, 2004

4

All Customer accounts including borrowal accounts, opened before 1st January 1993 (other than those included in category 1 above)

March 31, 2005

3. While inoperative accounts could be kept out of the current exercise, an inoperative account should be subjected to the KYC procedures as and when any transaction comes up and is sought to be transferred to the operative category.

4. You may advise your branches suitably in this regard and submit compliance to our Regional Offices under whose jurisdiction you operate within one month of each of the prescribed dates for completion of the process indicated above. You are also required to put up such compliance reports to the Audit Committee of the Board on a quarterly basis.

5. Please acknowledge receipt of the circular to our Regional Offices.

Yours faithfully,

(S.Karuppasamy)

Chief General Manager-in- Charge



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