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7
December 2016
Noting an increase in re-activation of
dormant accounts post-demonetisation, the Reserve Bank of India (RBI) on
Tuesday said the genuineness of the transactions must be ascertained with 'due
diligence' in the process. The Total
Investment & Insurance Solutions
"Operation in dormant accounts with
banks may be allowed after due diligence as per risk category of the customer.
As stated therein, 'due diligence' would mean ensuring genuineness of the
transaction, verification of the signature and identity etc," RBI said in
a notification here.
As part of the customer due diligence
procedure, certified copies of officially valid documents for proof of identity
and address are to be obtained while establishing an account based
relationship, it said.
"Regulated entities shall, among
others, take steps for preserving the customer account information including
preservation of records pertaining to the identification of the customers and
their addresses obtained while opening the account, for at least five years
after the business relationship is ended," it added. The Total Investment & Insurance
Solutions
RBI asked the banks to ensure compliance
as applicable on activation of dormant accounts, customer due diligence and
record management, scrupulously.The
Total Investment & Insurance Solutions
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