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Internal Audit | North-India Concurrent Credit & PSL Audit | An Independent Equity Research Analyst | Contemplation on Finance and Philosophy |

One of the significant frauds committed by many banks is .... Neglecting the borrower's re-KYC process. This has become a common practice among banks, where they are not adhering to the guidelines set by the Reserve Bank of India (RBI). As a result, many cases end up as non-performing assets (NPAs), and the lack of proper re-KYC is one of the contributing factors. What Is Re-KYC? Re-KYC involves verifying and updating customer identification documents to ensure their accuracy and compliance with regulatory norms. Key Aspects of Re-KYC: → Regular Updates: Based on RBI guidelines, lenders must periodically ask customers to undergo Re-KYC. This ensures that their personal contact information and sign remains up-to-date. → Self-Declaration: When there are no changes in a customers KYC information, a self-declaration by borrower suffices. → Risk Management: Re-KYC helps banks manage risk by ensuring accurate customer data. It also contributes to preventing non-performing assets (NPAs). 📌 Conclusion: Banks must take Re-KYC seriously to maintain the integrity and stability of the financial system. 🤝🏻 Follow me Janmeyjai Bisht for more engaging insights that will keep you ahead of the curve in the world of finance. #finance #linkedin #investing #businessanalysis #connections

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Sarthak Nautiyal

Assistant Manager at AKCJ Ventures | Ex Buy side Analyst at Indiabridge | 2M + impressions🚀 | 8000+ connections | Mentor for FMAV and Equity research

7mo

Great

Chakravarthy V

800k Impressions | Co-Founder at Prime Wealth Finserv. Helping High Net Worth Individuals with their Investment Needs QPFP®️ Qualified Personal Finance Professional®️ CWM®️ from American Academy of Financial Management

7mo

Great share @

Mohit Sardana

CA | LinkedIn Top Voice’24 | Valuations | Finance Navigator | Blogger

7mo

Well explained

Ganesh Nayak

Unlocking Finance: CFA | FRM Trainer • 5000+ Students Mentored • Founder: Fintelligents • Ex Nomura • Ex Morgan Stanley • Ex Kotak

7mo

Well explained

Ishaa Malushte

CA |10k+| Equity Research Analyst| Valuation & Financial Modelling | Finance Content Creator| 1 Mn+ Content Views

7mo

You have highlighted it so well 💯

Akshat Sharma

Financial Consultant | Inspiration for Everyday Success | Let's Make It Happen!

7mo

Very well Articulated 👏🏻

This is important and bank should not neglect this Janmeyjai Bisht, very well covered

Rahul Jain

Investor and Founder Rahul Jain Capital ( Pvt Equity Fund )| 'Desh Ratna' & 2 more National award Winner 🇮🇳| Converted startup into First IPO in 2013 | EX-CEO turned VC of a fortune 500 company

7mo

Insightful!

Abhishek Aggarwal, CFPᶜᵐ

300K Impressions | I help individuals reach financial freedom | US Equity & Angel Investor | Certified Financial Planner | Open for Guest Sessions and Collaborations

7mo

Insightful share Janmeyjai Bisht

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