Regulation (Bank Licensing), Revised March 2022 (CBS/BS/REG/07/22)
Effective: 2 Jul 2022
Plain-English summary
Sets two bank licence categories, a two-phase application process, annual renewal, and minimum capital (USD 7 million paid-up for full banks; USD 20 million assigned capital for restricted banks). Section 6.1(vii) requires applicants to comply with the AML/CFT Law of 2016 and KYC requirements.
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…
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