Warning: session_start() [function.session-start]: Cannot send session cookie - headers already sent by (output started at /home/indiab/public_html/include/connDB.php:13) in /home/indiab/public_html/BusinessDetailsPage/2012/businessDetails241112c.php on line 3

Warning: session_start() [function.session-start]: Cannot send session cache limiter - headers already sent (output started at /home/indiab/public_html/include/connDB.php:13) in /home/indiab/public_html/BusinessDetailsPage/2012/businessDetails241112c.php on line 3
\"Only Indian residents eligible to promote banks\"
Make this your homepage
 
indian news portal IBNS
Business
indian news portal IBNS

"Indian residents eligible to promote banks"

India Blooms News Service




New Delhi, Nov 23 (IBNS): Rajasthan Finance Minister Namo Narain Meena in a written reply to the Lok Sabha Friday said that as per Reserve Bank of India (RBI) guidelines only entities/groups in the private sector that are owned and controlled by Indian residents shall be eligible to promote banks.




As per the 'Draft Guidelines for Licencing of New Banks in Private Sector' issued by the Reserve Bank of India (RBI) on Aug 29, 2011 the Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) guidelines are 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 enable banks to know/understand their customers and their financial dealings better, which in-turn helps them manage their risk prudently, Meena said.

"Accordingly, all banks, including foreign banks, functioning in India have been advised to follow certain customer identification procedures for opening accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to the appropriate authority, i.e. Financial Intelligence Unit-India (FIU-IND)."

He added, "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."



To Post Your Comment On This Article Click Here
Comments Posted on this news:

There are no comments on this News.

Related Business Video
India Blooms Video Sensex surges over 600 points to 2013 high on US Fed Reserve's move India Blooms Video Inflation is a matter of grave concern: Pranab
Technology Video

Samsung Galaxy Camera coming to India by mid-November

'Angry Birds' creators launch new game

Samsung launches new oversized smartphone
More Technology Video »
Automobile Video

Lamborghini Aventador LP700-4

Nissan Evalia Launch

Premier Rio Preview
More Automobile Video »
Related Business News
"Indian residents eligible to promote banks"
India becomes FATF member
 
More Business
Business Archive >>   



Tags
Odisha   Talcher   NTPC   solar plant   Jakson Group   Kurkure manufacture   PepsiCo India   Kurkure   L&T Construction   rupee   Thailand delegation visits Kolkata   Thailand delegation visits Kolkata   corporate performance   BSE 500   interest rates   Ind-Ra   Reliance Capital Limited   Smart Cash Plus Plan   Reliance Life Insurance   rural India   White Label ATMs   RBI   Srei   Hillshire Brands Company   business process outsourcing   Genpact Limited   Factories Business   Buildings   housing orders   L&T Construction   rupee   AdobeSAP AG   Europe   Information technology   social media platform   Facebook   free Facebook access   Aircel   rupee   GE Healthcare CTSI   Idea musicHUB   Idea Cellular Idea musicHUB   Marico appoints Saugata Gupta as MD   Marico appoints Saugata Gupta as MD   GlacialLight launches surface mounted lights   GlacialLight launches surface mounted lights   WABCO exhibits safety technologies   WABCO exhibits safety technologies   Gujarat NRE Coke receives CDR approval   Gujarat NRE Coke receives CDR approval  
indian news portal IBNS
indian news portal IBNS
indian news portal IBNS
 
About Us  |  Writers  |  Advertise with Us  |  Privacy Policy  |  Terms of Service  |  Contact Us  |  Sitemap   |  Send Feedback
Copyright © 2008 Indiablooms.com. All rights reserved.   Copyright / IP Policy   |  Company Info
Increase Page Rank