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PMLA Rules Amended: NBFCs Must Comply with New KYC/Record-Keeping Norms (Amendment to 2005 Rules)

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2009-10/475 · issued 26 May 2010 · ~1 min read
Quick answerRBI directs all NBFCs and RNBCs to comply with the amended Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, via Government Notification No. 7/2010-E.S.F dated February 12, 2010, which updates client identity verification and transaction record maintenance. Strict adherence is advised.

What changed

The Government of India amended the Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005, via Notification No. 7/2010-E.S.F dated February 12, 2010. RBI has now communicated these amendments to all NBFCs and RNBCs, requiring them to study, disseminate, and strictly follow the updated provisions.

What it means for you

NBFCs and RNBCs must update their internal policies and procedures to align with the amended PMLA Rules, particularly around client identity verification and record-keeping. Non-compliance could invite regulatory action, so lenders should treat this as a priority compliance mandate.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

All Non-Banking Financial Companies (NBFCs), All Residuary Non-Banking Companies (RNBCs)

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What is the effective date of these amended PMLA Rules?

The Government Notification amending the rules was issued on February 12, 2010. RBI's circular was issued on May 26, 2010, advising compliance with the amended provisions.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #1703: DNBS.(PD).CC.No.175/03.10.42/2009-10 — "Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Mann”
📜 Read the original circular — full text as issued by RBI
RBI/2009-10/475 DNBS(PD)CC.No 175/03.10.42/2009-10 May 26, 2010 All Non Banking Financial Companies/ Residuary Non Banking Companies Dear Sir, Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Amendment Rules, 2009 - Obligation of banks/Financial institutions Government of India vide its Notification No. 7/2010-E.S.F.No6/8/2009-E.S dated February 12, 2010 has amended the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005. A copy of the Notification is enclosed for ready reference, which may be studied and the amendments clearly noted and spread across your organisation. 2. NBFCs and RNBCs are advised to strictly follow the amended provisions of PMLA Rules and ensure meticulous compliance with these Rules. Yours faithfully, (Uma Subramaniam) Chief General Manager-in-Charge Encl: As above
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/475 · issued 26 May 2010. The plain-English explanation above is BankPulse’s own independent summary.
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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5695&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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