The Reserve Bank of India may take some time to act against banks violating the know-your-customer (KYC) norms, according to Rajiv Takru, Secretary, Department of Financial Services.
“We should not expect any action from the RBI in the next week or 10 days. The Board of Financial Supervision in the RBI has to follow a certain process,” he said.
Once the banks give their detailed responses to the show-cause notices, the apex bank will examine them and then decide on the line of action, he said.
Expressing disappointment over banks flouting KYC norms, Takru clarified that the degree of overall KYC conformity of scheduled commercial banks is good.
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