RBI/2010 -11/187
DBOD. AML.BC. No. 38 /14.01.001/2010 -11
August 31, 2010
The Chairmen and Chief Executive Officers
All Scheduled Commercial Banks excluding RRBs/
All India Financial institutions/ Local Area Banks
Dear Sir,
Know Your Customer (KYC) guidelines – accounts of
proprietary concerns
Please refer to our circular
DBOD.AML.BC.No. 80/14.01.001/2009-10 dated March
26, 2010 advising banks to lay down criteria in their customer identification
procedure for opening accounts of proprietary concerns.
- In this connection, it is clarified that in addition to the documents
listed in paragraph 2(i) of our circular referred to above for opening a
bank account in the name of a proprietary concern, banks may also accept any
registration/licensing document issued in the name of the proprietary
concern by the Central Government or State Government Authority/Department.
Banks may also accept IEC (Importer Exporter Code) issued to the proprietary
concern by the office of DGFT as an identity document for opening of bank
account.
Yours faithfully,
(Vinay Baijal)
Chief General Manager