The RBI has provided directions for those operating AePS terminals. It stated that the bank responsible must carry out due diligence of all AePS touchpoint operators according to Master Direction – Know Your Customer (KYC) Direction, 2016. Largely, the directions call for conducting KYC throughAa...
RBI has also imposed ₹55 lakh penalty on Indian Bank for contravention of certain Know Your Customer (KYC) norms. RBI conducted scrutiny of the Indian Bank in July 2020 based on a high-value fraud reported by the bank. A penalty of Rs 10.50 lakh has been imposed on Muthoot Money Limit...