Follow KYC norms or face regulatory action, banks told

RBI Deputy Governor Swaminathan J has asked banks to follow KYC guidelines with both “precision and empathy”, failing which regulatory actions will be taken against them by the central bank. Addressing a Conference of Directors of Private Sector Banks here...

PTI

Mumbai, Updated At : 08:55 AM Nov 20, 2024 IST

Photo for representational purpose only. - File photo

RBI Deputy Governor Swaminathan J has asked banks to follow KYC guidelines with both “precision and empathy”, failing which regulatory actions will be taken against them by the central bank.

Addressing a Conference of Directors of Private Sector Banks here on Monday, the Deputy Governor also expressed concern that in many cases, customer grievance mechanisms, including the Internal Ombudsman structure, are treated more as a formality than as a robust, effective resource.

The Internal Ombudsman mechanism should be more than words on paper; it should operate with the spirit and diligence necessary to resolve issues impartially and promptly, he said.

Bank boards, he said, should work towards building customer-centric banks.

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

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