Can banks freeze a customer's account for non-compliance with Re-KYC (KYC review)?

Shivaprasad Laxman Chhatre , Last updated: 29 August 2022 Share Follow on Google News

Neither RBI on its own can direct, a partial or total freeze of Re-KYC due (non-compliant) bank account nor it can delegate such authority to any bank/branch to impose such a freeze. RBI has formally confirmed that the directions it had given in Sept 2014 were applicable before the amendment on 20th

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About the Author

Shivaprasad Laxman Chhatre

Ex Chief Ethics and Compliance BNP Paribas

Ex Group Head Ethics and Compliance BNP Paribas, Kotak Mahindra Bank, ICICI Bank, PSU Banks, Ex- CEO FIMMDA, Practical ex-Banker 35 years of supervisory level banking experience which includes the experience as Group Head of Compliance of an MNC Bank, 15 years in Bank Treasury amp; Securities Market (in New Private ... Read more

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