Mumbai: The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on private sector Axis Bank for violation of non-performing asset (NPA) classification norms, and Rs 2 crore on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations, the banking regulator said on Monday. A […]
For opening a bank account, someone needs to undergo know-your-customer (KYC) verification. The Reserve Bank of India (RBI) has simplified the KYC documentation allowing submission of a single document with photograph and address. The documents approved for KYC include passport, driving licence, voter ID card, PAN card, Aadhaar and job card. But in a recent […]
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