Finance

RBI update Bank KYC document for Individual, NON resident and person not require to hold AADHAR

Master Direction DBR.AML.BC.No.81/14.01.001/2015-16

RBI/DBR/2015-16/18

Original issue date: February 25, 2016, Updated as on April 20, 2018

RBI has issued direction on 20th April 2018 for updated KYC norms for Individual,Non resident,person with AADHAR.

Following are the highlights of Direction issued.

Download : Know Your Customer (KYC) Direction, 2016

For an individual

who is eligible for enrolment of Aadhaar, the Aadhaar number; the Permanent Account Number (PAN) or Form No. 60 as defined in Income-tax Rules, 1962, as amended from time to time;

Provided, where an Aadhaar number has not been assigned to an individual, proof of application of enrolment for Aadhaar shall be obtained wherein the enrolment is not older than 6 months and in case PAN is not submitted, certified copy of an OVD containing details of identity and address and one recent photograph shall be obtained.

“Explanation- Obtaining a certified copy by reporting entity shall mean comparing the copy of officially valid document so produced by the client with the original and recording the same on the copy by the authorised officer of the reporting entity”

Provided further, that from an individual, who is a resident in the State of Jammu and Kashmir or Assam or Meghalaya, and who does not submit Aadhaar or proof of application of enrolment for Aadhaar, the following shall be obtained:

i. certified copy of an OVD containing details of identity and address and

ii. one recent photograph

From an individual who is not eligible to be enrolled for an Aadhaar number, or who is not a resident, the following shall be obtained

i. PAN or Form No. 60 as defined in Income-tax Rules, 1962, as amended from time to time.

ii. ii. one recent photograph and

iii. iii. A certified copy of an OVD containing details of identity and address.

Provided that in case the OVD submitted by a foreign national does not contain the details of address, in such case the documents issued by the Government departments of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India shall be accepted as proof of address

Provided further that, while opening accounts of legal entities as specified in part III of this Master Direction, in case, PAN of the authorised signatory or the power of attorney holder is not submitted, the certified copy of OVD of the authorised signatory or the power of attorney holder shall be obtained, even if such OVD does not contain address.

Officially valid document” (OVD) means the passport, the driving licence, the Permanent Account Number (PAN) Card, the Voter’s Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number.

Other important point covered in Master KYC direction are:

Customer Acceptance Policy

Customer Identification Procedure (CIP)

Customer Due Diligence (CDD) Procedure

Simplified procedure for opening accounts by Non-Banking Finance Companies (NBFCs)

Enhanced and Simplified Due Diligence Procedure

Simplified KYC norms for Foreign Portfolio Investors (FPIs)

Procedure to be followed by banks while opening accounts of foreign students

Client accounts opened by professional intermediaries

conditions for Accounts opened using OTP based e-KYC, in non face to face mode

I. There must be a specific consent from the customer for authentication through OTP

II. the aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh. In case, the balance exceeds the threshold, the account shall cease to be operational, till CDD as mentioned at (v) below is complete.

III. the aggregate of all credits in a financial year, in all the deposit taken together, shall not exceed rupees two lakh.

IV. As regards borrowal accounts, only term loans shall be sanctioned. The aggregate amount of term loans sanctioned shall not exceed rupees sixty thousand in a year.

V. Accounts, both deposit and borrowal, opened using OTP based eKYC shall not be allowed for more than one year within which Biometric based e-KYC authentication Is to be completed.

VI. If the CDD procedure as mentioned above is not completed within a year, in respect of deposit accounts, the same shall be closed immediately. In respect of borrowal accounts no further debits shall be allowed.

VII. REs shall ensure that only one account is opened using OTP based KYC in non face to face mode and a declaration shall be obtained from the customer to the effect that no other account has been opened nor will be opened using OTP based KYC in non face to face mode. Further, while uploading KYC information to CKYCR, REs shall clearly indicate that such accounts are opened using OTP based e-KYC and other REs shall not open accounts based on the KYC information of accounts opened with OTP based e-KYC procedure in non face to face mode.

VIII. REs shall have strict monitoring procedures including systems to generate alerts in case of any non-compliance/violation, to ensure compliance with the above mentioned conditions.

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