Is RBI simplifying the KYC procedure?

Every entity (“Regulated Entity” or “RE”) regulated by the Reserve Bank of India (“RBI”) is required to conduct customer due diligence (“CDD”) on individuals (i) while establishing an account-based relationship; or (ii) while dealing with a beneficial owner, an authorized signatory, or a power of attorney holder related to any legal entity. For this purpose, an RE must adhere to the guidelines as provided by RBI under the Know Your Customer (KYC) Directions, 2016 (“KYC Directions”) as amended from time to time.

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