RBI/2011-12/506 DBOD. AML.BC. No 93 /14.01.001/2011-12 April 17, 2012
The Chairmen / Chief Executive Officers
All Scheduled Commercial Banks (excluding RRBs)/
All India Financial institutions/ Local Area Banks
Know your Customer (KYC) Guidelines – Accounts of Proprietary Concerns
1. Please refer to our circulars DBOD. AML BC. No. 80/14.01.001/2009-10 dated March 26, 2010 and DBOD. AML.BC. No. 38 /14.01.001/2010 -11 dated August 31, 2010regarding 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:
i) 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.
ii) Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.
Chief General Manager