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Guidelines for NBFCs

MUMBAI JAN. 6. The Reserve Bank of India today issued `know your customer (KYC)' guidelines for non-banking financial companies (NBFCs), which are similar to those for commercial banks. The boards NBFCs have been advised to formulate policies and procedures to operationalise and ensure the observance of these guidelines, which come into immediate effect, in respect of all new customers, the central bank said here in a statement. The NBFCs have also been asked to complete the identification process in respect of the existing customers by June 30.

These guidelines, the RBI said, would be applicable to all NBFCs, including miscellaneous non-banking Companies (chit fund companies) and residuary non-banking companies. — PTI

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