RBI warns banks to strictly follow KYC norms or face action

Concerned   over  violation of anti-money laundering norms by banks, the RBItoday  warned them to meticulously follow its instructions with regard   to       walk-in     customers      while selling insurance, mutual fund, gold and other products above Rs 50,000 or face action. 

"It is reiterated that banks should meticulously follow the instructions in letter and spirit and ensure that violations of (KYC and anti-money laundering norms) do not recur. Such violations would be viewed seriously by the Reserve Bank and would involve imposition of penalties," RBI said in a notification. 

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