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Know Your Customer (KYC) guidelines – Accounts of Proprietary Concerns

RBI/2011-12/552
UBD. CO. BPD. (PCB). No. 34/12.05.001/2011-12

May 11 , 2012

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

Dear Sir,

Know Your Customer (KYC) guidelines – Accounts of Proprietary Concerns

Please refer to our circulars UBD. BPD. CO. / NSB I /11/12.03.000/2009-10 dated September 29, 2009 and UBD. BPD. CO. NSB I /38 / 12.03.000/ 2009-10 dated December 23, 2009 regarding the procedure for customer identification while opening accounts of proprietary concerns.

2. In this connection, it is advised that apart from the documents mentioned in para 3(ii) of the circular dated September 29, 2009 read with circular dated December 23, 2009, it has been decided to include the following documents in the indicative list of required documents for opening accounts of proprietary concerns:

(i) the complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated / acknowledged by the Income Tax Authorities

(ii) utility bills such as electricity, water and landline telephone bills in the name of the proprietary concern.

3. Please acknowledge receipt of this circular to the Regional Office concerned of this department.

Yours faithfully,

(A. Udgata)
Chief General Manager in-Charge


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