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

Shivaprasad Laxman Chhatrepro badge , Last updated: 29 August 2022  
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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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Published by

Shivaprasad Laxman Chhatre
(Ex Chief Ethics and Compliance BNP Paribas)
Category Corporate Law   Report

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