Banks are required to comply with KYC norms for allowing customers to operate their accounts. Also the formalities are required to be complied with at the time of opening of accounts for identification of depositors with the objective to prevent banks from being used in any fraudulent or anti social manner.
Customers are expected to cooperate with the banks for submission of all papers/ documents in respect of their identity and residential proof. They should not allow their account to be used for any fraudulent or anti social activity which is on the increase. PAN details are required to be given in respect of transactions above a specified limit. Cash transactions are also not permitted beyond a threshold limit. RBI is insisting on strict adherence of these requirements to prevent money laundering through bank accounts. KYC norms are meant to identify the depositor and his source of funds.
Customers are expected to cooperate with the banks for submission of all papers/ documents in respect of their identity and residential proof. They should not allow their account to be used for any fraudulent or anti social activity which is on the increase. PAN details are required to be given in respect of transactions above a specified limit. Cash transactions are also not permitted beyond a threshold limit. RBI is insisting on strict adherence of these requirements to prevent money laundering through bank accounts. KYC norms are meant to identify the depositor and his source of funds.
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