English Release 20-December 2014
- Min of Information & Broadcasting
- Shri Arun Jaitley inaugurates Multimedia Exhibition on Former Prime Minister Shri Atal Bihari Vajpayee
- Min of Parliamentary Affairs
- Winter Session of Parliament enters final lap; Rajya Sabha still to decide on crucial Bills
Lok Sabha’s productivity rises to 105% while that of Rajya Sabha declines to 68%
Lok Sabha so far clears a record 17 Bills and Rajya Sabha only 11
Introduction of GST Bill in Lok Sabha, passing of labour reform Bills mark the high points of session
- Min of Road Transport & Highways
- Nitin Gadkari calls upon the Industry to invest in development of Inland Waterways
Ministry of Finance23-November, 2012 19:32 IST
|Foreign National to Open Banks in India |
|As per the “Draft Guidelines for Licencing of New Banks in Private Sector” issued by the Reserve Bank of India (RBI) on 29.08.2011, only entities/groups in the private sector that are owned and controlled by residents shall be eligible to promote banks. |
RBI has formulated the Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) guidelines to be followed by banks, so as to prevent banks from being used, intentionally or unintentionally, by criminal elements for money-laundering or terrorist financing activities. KYC procedures also enables banks to know/understand their customers and their financial dealings better, which in-turn help them manage their risk prudently. Accordingly, all banks, including foreign banks, functioning in India have been advised to follow certain customer identification procedures for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority, i.e. Financial Intelligence Unit-India (FIU-IND). The banks are also required to ensure that a proper Board approved policy framework on KYC/AML/CFT is formulated and implemented by them in accordance with the extant legal and regulatory framework.
This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.
(Release ID :89370)