Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concerns


April 18, 2012

The Chairmen / CEOs of all Regional Rural Banks/
State and Central Co-operative Banks

Dear Sir,

Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concerns

Please refer to our circulars RPCD.CO.RRB AML.No.67/ 03.05.33(E)/2009-10 dated April 9, 2010; RPCD. CO. RF. AML. BC. No. 83/07.40.00/ 2009-10 dated May 12, 2010 and RPCD. CO. RRB. AML. BC. No.19/ 03.05.33(E)/ 2010-11 dated September 9, 2010; RPCD.CO.RF.AML.BC.No.20/ 07.40.00/2010-11 dated September 13, 2010 regarding customer identification procedure for opening accounts of proprietary concerns.

2. On a review, it has been decided to include the following documents in the indicative list of required documents for opening accounts of proprietary concern:

  1. The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm™s income is reflected, duly authenticated/acknowledged by the Income Tax Authorities.
  2. Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.

Yours faithfully,

Chief General Manager

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