{"what_this_is":"The machine-readable twin of the BankPulse page for one RBI rulebook. Same points, same dates, same paragraph references as the page a person reads. RBI's own wording is not reproduced here: each point names the RBI paragraph, the character offset into the text BankPulse read and the sha256 of that text, so the claim can be checked against RBI's own document.","schema_version":1,"release_id":"d653cdb0a5","generated_at":"2026-09-15T00:33:59.117975+00:00","id":"md12927","title":"Reserve Bank of India (Asset Reconstruction Companies – Know Your Customer) Directions, 2025","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12927","status":"In force","importance":{"code":"MR","label":"MUST READ","weight":"Must read","why":"Binding RBI Directions naming this institution class in the title","layer":"bankpulse_inference"},"applies_to":{"shown":"Asset reconstruction companies","class_code":"ARC","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12927","mode":"four_dates_v1","published":{"label":"Published","value":"November 28, 2025","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"","stated":false,"why":"Not stated separately in this document. Read the rule itself before you assume a start date."},"transition":{"label":"Time to get ready","value":"","stated":false,"why":"Cannot be worked out until the day it starts to apply is known."},"deadline":{"label":"Last date to act","value":"","stated":false,"why":"No date to act by was found in this document. Other dates may sit inside single paragraphs."},"sources":{"published":"doc_date in data/highlights/md12927.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12927","document_date":"November 28, 2025","read_by_bankpulse":"2026-08-21 16:21:47 UTC","text_sha256":"075ee14aac112876a100d2c149df541d62e7743135f8f1fda0b18556afd1db34","word_count":null,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":59,"points_naming_an_rbi_paragraph":59,"points_stored":59,"actions":0,"amendments":1},"points":[{"n":1,"claim":"md12927-2b7619c0","page_group":"Opening paragraphs","stored_section":"THE CORE IDEA","heading":"The law behind it","plain_english":"The rules rest on the Prevention of Money-Laundering Act, 2002 and its 2005 Rules.","rbi_paragraph":"Opening paragraphs","rbi_char_offset":3578,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p1","layer":"bankpulse"},{"n":1,"claim":"md12927-a2b2a013","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Ten per cent, a company","plain_english":"For a company, holding more than ten per cent is one test of beneficial ownership.","rbi_paragraph":"Para 4(1)","rbi_char_offset":6607,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p2","layer":"bankpulse"},{"n":2,"claim":"md12927-527ac909","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Fifteen per cent, a body","plain_english":"In an unincorporated body the same test is more than fifteen per cent.","rbi_paragraph":"Para 4(1)","rbi_char_offset":7622,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p3","layer":"bankpulse"},{"n":3,"claim":"md12927-13f78b4c","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Fifty thousand triggers checks","plain_english":"A one-off transaction of ₹50,000 or more brings the full identification duty.","rbi_paragraph":"Para 4(2)","rbi_char_offset":17508,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p4","layer":"bankpulse"},{"n":4,"claim":"md12927-dcfaa919","page_group":"Chapter I. Preliminary","stored_section":"WHO SHOULD ACT","heading":"Designated Director named","plain_english":"The Board must name a Designated Director who answers for compliance under the Act.","rbi_paragraph":"Para 4(1)","rbi_char_offset":9542,"weight":"DO IT","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p5","layer":"bankpulse"},{"n":5,"claim":"md12927-bfbd94d4","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"KYC rules for ARCs","plain_english":"This document sets the customer identification rules for asset reconstruction companies.","rbi_paragraph":"Para 1","rbi_char_offset":4871,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p6","layer":"bankpulse"},{"n":6,"claim":"md12927-b5d47a2f","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Who is covered","plain_english":"These Directions apply to every asset reconstruction company.","rbi_paragraph":"Para 3","rbi_char_offset":5122,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p7","layer":"bankpulse"},{"n":7,"claim":"md12927-30c0b157","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Control counts as well","plain_english":"A person who controls the entity by other means is a beneficial owner too.","rbi_paragraph":"Para 4(1)","rbi_char_offset":6448,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p8","layer":"bankpulse"},{"n":8,"claim":"md12927-722848fa","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Then the senior official","plain_english":"Where no natural person can be found, the senior managing official is named.","rbi_paragraph":"Para 4(1)","rbi_char_offset":7943,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p9","layer":"bankpulse"},{"n":9,"claim":"md12927-9b09c12c","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Split payments still count","plain_english":"Several linked payments are read together, so splitting a sum does not avoid it.","rbi_paragraph":"Para 4(2)","rbi_char_offset":17619,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p10","layer":"bankpulse"},{"n":10,"claim":"md12927-41783c9e","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"What a remote customer is","plain_english":"A remote customer is one who opens an account without meeting the ARC at all.","rbi_paragraph":"Para 4(2)","rbi_char_offset":18992,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p11","layer":"bankpulse"},{"n":11,"claim":"md12927-d07cb8e0","page_group":"Chapter I. Preliminary","stored_section":"THE CORE IDEA","heading":"What a shell bank is","plain_english":"A shell bank has no physical presence where it is licensed and no real group behind it.","rbi_paragraph":"Para 4(2)","rbi_char_offset":20663,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p12","layer":"bankpulse"},{"n":12,"claim":"md12927-eb0bc2b8","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Video call identification","plain_english":"An ARC officer may identify a customer over a live video call.","rbi_paragraph":"Para 4(2)","rbi_char_offset":21202,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p13","layer":"bankpulse"},{"n":13,"claim":"md12927-478e78fe","page_group":"Chapter I. Preliminary","stored_section":"WHAT CHANGES","heading":"Video equals a meeting","plain_english":"A video call that follows the rules counts the same as meeting in person.","rbi_paragraph":"Para 4(2)","rbi_char_offset":21704,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p14","layer":"bankpulse"},{"n":1,"claim":"md12927-d1955d80","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Never tip off a customer","plain_english":"Group information sharing must be built so that nobody is tipped off.","rbi_paragraph":"Para 7","rbi_char_offset":24361,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p15","layer":"bankpulse"},{"n":2,"claim":"md12927-942a1d2e","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"The decision stays inside","plain_english":"Whether KYC has been met is a decision the ARC cannot outsource to anyone.","rbi_paragraph":"Para 12","rbi_char_offset":27456,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p16","layer":"bankpulse"},{"n":3,"claim":"md12927-efbf976c","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Director reported to FIU-IND","plain_english":"The name and contact details of that Director must go to FIU-IND and RBI.","rbi_paragraph":"Para 13(2)","rbi_char_offset":27871,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p17","layer":"bankpulse"},{"n":4,"claim":"md12927-8d8687ea","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Four parts to the policy","plain_english":"The policy must cover acceptance, risk management, identification and monitoring.","rbi_paragraph":"Para 5(2)","rbi_char_offset":22704,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p18","layer":"bankpulse"},{"n":5,"claim":"md12927-6637fa5a","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Board policy on mobile changes","plain_english":"A Board approved policy is needed for changing a mobile number on a remote account.","rbi_paragraph":"Para 5(4)","rbi_char_offset":23450,"weight":"BACKGROUND","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p19","layer":"bankpulse"},{"n":6,"claim":"md12927-c054b8e5","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Quarterly note to the committee","plain_english":"An audit note and compliance go to the Audit Committee every quarter.","rbi_paragraph":"Para 11(5)","rbi_char_offset":27348,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p20","layer":"bankpulse"},{"n":7,"claim":"md12927-c2d2f654","page_group":"Chapter II. General","stored_section":"WHO SHOULD ACT","heading":"Principal Officer duties","plain_english":"The Principal Officer watches transactions and reports what the law requires.","rbi_paragraph":"Para 14(1)","rbi_char_offset":28126,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p21","layer":"bankpulse"},{"n":1,"claim":"md12927-e2b6b6ed","page_group":"Chapter III. Customer Acceptance Policy","stored_section":"WHAT CHANGES","heading":"No anonymous accounts","plain_english":"No account may be opened in an anonymous, fictitious or benami name.","rbi_paragraph":"Para 16(1)","rbi_char_offset":28545,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p22","layer":"bankpulse"},{"n":2,"claim":"md12927-9fc407d4","page_group":"Chapter III. Customer Acceptance Policy","stored_section":"WHAT CHANGES","heading":"No account without checks","plain_english":"Where customer due diligence cannot be done, the account is not opened at all.","rbi_paragraph":"Para 16(2)","rbi_char_offset":28830,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p23","layer":"bankpulse"},{"n":1,"claim":"md12927-236e20b7","page_group":"Chapter V. Customer Identification Procedure (CIP)","stored_section":"WHAT CHANGES","heading":"Walk-in customers too","plain_english":"A walk-in customer paying ₹50,000 or more must be identified in the same way.","rbi_paragraph":"Para 20(3)","rbi_char_offset":33431,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p24","layer":"bankpulse"},{"n":1,"claim":"md12927-595dd488","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Questions must change","plain_english":"The officer must change the questions so the video cannot be a recording.","rbi_paragraph":"Para 26(2)","rbi_char_offset":51964,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p25","layer":"bankpulse"},{"n":2,"claim":"md12927-ab60c4e8","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Printed e-PAN not valid","plain_english":"A printed copy of an electronic document, such as an e-PAN, cannot be used.","rbi_paragraph":"Para 26(2)","rbi_char_offset":54546,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p26","layer":"bankpulse"},{"n":3,"claim":"md12927-397e44d0","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"Risk reviewed twice a year","plain_english":"Customer risk categories must be reviewed at least once in every six months.","rbi_paragraph":"Para 40","rbi_char_offset":64174,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p27","layer":"bankpulse"},{"n":4,"claim":"md12927-45e27600","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"High risk, two years","plain_english":"Papers of a high-risk customer must be refreshed at least once in two years.","rbi_paragraph":"Para 41(1)","rbi_char_offset":64607,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"Suppose a high-risk customer's papers were refreshed today. They must be refreshed again within two years. For a medium-risk customer the same papers would last eight years. For low risk they would last 10 years.","anchor":"https://bankpulse.ai/rule/md12927#p28","layer":"bankpulse"},{"n":5,"claim":"md12927-81b4dcd9","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"Medium risk, eight years","plain_english":"For a medium-risk customer the gap may be eight years.","rbi_paragraph":"Para 41(1)","rbi_char_offset":64665,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p29","layer":"bankpulse"},{"n":6,"claim":"md12927-6bc4cfc6","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"Low risk, ten years","plain_english":"For a low-risk customer the gap may be ten years.","rbi_paragraph":"Para 41(1)","rbi_char_offset":64721,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p30","layer":"bankpulse"},{"n":7,"claim":"md12927-cc794d6f","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"KEY DATES","heading":"Thirty days to update","plain_english":"A change in a customer's papers must reach the bank's records within 30 days.","rbi_paragraph":"Para 41(6)","rbi_char_offset":71115,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p31","layer":"bankpulse"},{"n":8,"claim":"md12927-1a511747","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"No second mobile number","plain_english":"A second mobile number cannot be linked to such an account for one-time passwords.","rbi_paragraph":"Para 43(2)","rbi_char_offset":75261,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p32","layer":"bankpulse"},{"n":9,"claim":"md12927-70d8ab8c","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Live location in video","plain_english":"The video must carry the customer's live location, with the date and time.","rbi_paragraph":"Para 26(1)","rbi_char_offset":49079,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p33","layer":"bankpulse"},{"n":10,"claim":"md12927-b3fe5ce4","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Video data kept in India","plain_english":"The whole video record must sit on systems inside India.","rbi_paragraph":"Para 26(3)","rbi_char_offset":55328,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p34","layer":"bankpulse"},{"n":11,"claim":"md12927-0345facb","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Three warnings before","plain_english":"At least three advance intimations must go out before KYC falls due, one by letter.","rbi_paragraph":"Para 41(7)","rbi_char_offset":71414,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p35","layer":"bankpulse"},{"n":12,"claim":"md12927-50325819","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Three reminders after","plain_english":"At least three reminders must follow, again including one by letter.","rbi_paragraph":"Para 41(7)","rbi_char_offset":71710,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p36","layer":"bankpulse"},{"n":13,"claim":"md12927-752661f3","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Notice before stopping account","plain_english":"Before it temporarily stops an account for a missing PAN, the ARC must give notice.","rbi_paragraph":"Para 42","rbi_char_offset":72763,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p37","layer":"bankpulse"},{"n":14,"claim":"md12927-fcd9a913","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"First credit from own bank","plain_english":"The first money into such an account must come from the customer's checked account.","rbi_paragraph":"Para 43(5)","rbi_char_offset":76079,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p38","layer":"bankpulse"},{"n":15,"claim":"md12927-976707e3","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Find the source of funds","plain_english":"For a politically exposed person the source of funds and wealth must be established.","rbi_paragraph":"Para 44(1)","rbi_char_offset":76726,"weight":"DO IT","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p39","layer":"bankpulse"},{"n":16,"claim":"md12927-0fa380c6","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Senior approval for PEPs","plain_english":"If a customer becomes a politically exposed person, senior management must approve keeping the account.","rbi_paragraph":"Para 44(1)","rbi_char_offset":77181,"weight":"DO IT","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p40","layer":"bankpulse"},{"n":17,"claim":"md12927-415f769e","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Audit before account opens","plain_english":"An account opened by video call starts working only after an audit clears it.","rbi_paragraph":"Para 26(2)","rbi_char_offset":54944,"weight":"BACKGROUND","role":"Audit","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p41","layer":"bankpulse"},{"n":18,"claim":"md12927-52302c44","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Only credits on loans","plain_english":"When a loan account is stopped, only credits into it are allowed.","rbi_paragraph":"Para 42","rbi_char_offset":74016,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p42","layer":"bankpulse"},{"n":19,"claim":"md12927-e65c28cf","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Watched until met in person","plain_english":"Such an account stays under closer watch until the customer is seen or verified by video.","rbi_paragraph":"Para 43(5)","rbi_char_offset":76233,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p43","layer":"bankpulse"},{"n":20,"claim":"md12927-1139b2a1","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Politically exposed persons","plain_english":"A relationship with a politically exposed person is allowed only on set terms.","rbi_paragraph":"Para 44","rbi_char_offset":76345,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p44","layer":"bankpulse"},{"n":21,"claim":"md12927-d14c3353","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHO SHOULD ACT","heading":"Senior approval for a PEP","plain_english":"Opening an account for such a person needs senior management approval.","rbi_paragraph":"Para 44(1)","rbi_char_offset":76818,"weight":"BACKGROUND","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p45","layer":"bankpulse"},{"n":22,"claim":"md12927-157a8dbb","page_group":"Chapter VI. Customer Due Diligence (CDD) Procedure","stored_section":"WHAT CHANGES","heading":"Their families are covered","plain_english":"The same duties apply to the family members and close associates of such a person.","rbi_paragraph":"Para 44(2)","rbi_char_offset":77204,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p46","layer":"bankpulse"},{"n":1,"claim":"md12927-f444cd38","page_group":"Chapter VII. Record Management","stored_section":"KEY DATES","heading":"Records kept five years","plain_english":"Transaction records must be kept for at least five years from the date of the transaction.","rbi_paragraph":"Para 45(1)","rbi_char_offset":77960,"weight":"MUST KNOW","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p47","layer":"bankpulse"},{"n":2,"claim":"md12927-ef03129a","page_group":"Chapter VII. Record Management","stored_section":"KEY DATES","heading":"Identity papers after closure","plain_english":"Customer identity records must be kept for five years after the relationship ends.","rbi_paragraph":"Para 45(2)","rbi_char_offset":78132,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p48","layer":"bankpulse"},{"n":1,"claim":"md12927-8a5ca204","page_group":"Chapter VIII. Reporting Requirements to Financial Intelligence Unit – India","stored_section":"WHAT CHANGES","heading":"Alerts for odd transactions","plain_english":"Software must raise an alert when a transaction does not match the customer's profile.","rbi_paragraph":"Para 50","rbi_char_offset":82656,"weight":"DO IT","role":"Technology","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p49","layer":"bankpulse"},{"n":2,"claim":"md12927-398732eb","page_group":"Chapter VIII. Reporting Requirements to Financial Intelligence Unit – India","stored_section":"WHAT CHANGES","heading":"Report does not freeze","plain_english":"Filing a suspicious transaction report is not by itself a reason to stop an account.","rbi_paragraph":"Para 49","rbi_char_offset":81999,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p50","layer":"bankpulse"},{"n":1,"claim":"md12927-44bdc7c3","page_group":"Chapter IX. Requirements/obligations under International Agreements - Communications from International Agencies","stored_section":"WHO SHOULD ACT","heading":"Sanctions list checked daily","plain_english":"The UNSCR 1718 sanctions list must be checked every single day.","rbi_paragraph":"Para 53","rbi_char_offset":87754,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p51","layer":"bankpulse"},{"n":2,"claim":"md12927-3e92ae03","page_group":"Chapter IX. Requirements/obligations under International Agreements - Communications from International Agencies","stored_section":"WHO SHOULD ACT","heading":"Duty under the UAPA","plain_english":"The ARC carries duties under section 51A of the Unlawful Activities Prevention Act.","rbi_paragraph":"Para 51","rbi_char_offset":82846,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p52","layer":"bankpulse"},{"n":3,"claim":"md12927-5fe050e5","page_group":"Chapter IX. Requirements/obligations under International Agreements - Communications from International Agencies","stored_section":"WHO SHOULD ACT","heading":"Duty under the WMD Act","plain_english":"Separate duties arise under the Weapons of Mass Destruction Act of 2005.","rbi_paragraph":"Para 52","rbi_char_offset":85161,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p53","layer":"bankpulse"},{"n":1,"claim":"md12927-06be154f","page_group":"Chapter X. Other Instructions","stored_section":"KEY DATES","heading":"Ten days to the registry","plain_english":"A new customer's KYC record goes to the central registry within ten days.","rbi_paragraph":"Para 59(2)","rbi_char_offset":91870,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p54","layer":"bankpulse"},{"n":2,"claim":"md12927-ab98d176","page_group":"Chapter X. Other Instructions","stored_section":"KEY DATES","heading":"Seven days for an update","plain_english":"Updated customer information must reach the central registry within seven days.","rbi_paragraph":"Para 59(10)","rbi_char_offset":93620,"weight":"MUST KNOW","role":"Branch","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p55","layer":"bankpulse"},{"n":3,"claim":"md12927-35285c4c","page_group":"Chapter X. Other Instructions","stored_section":"WHO SHOULD ACT","heading":"Foreign tax reporting too","plain_english":"The rules on foreign account tax reporting must be followed alongside these.","rbi_paragraph":"Para 60","rbi_char_offset":96179,"weight":"DO IT","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p56","layer":"bankpulse"},{"n":4,"claim":"md12927-e162d543","page_group":"Chapter X. Other Instructions","stored_section":"WHAT CHANGES","heading":"Records sent to CKYCR","plain_english":"Records of company accounts opened on or after 1 April 2021 go to CKYCR.","rbi_paragraph":"Para 59(6)","rbi_char_offset":92716,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p57","layer":"bankpulse"},{"n":1,"claim":"md12927-7f4c8ca1","page_group":"Chapter XI. Repeal and Other Provisions","stored_section":"WHAT IT REPLACES","heading":"Approvals carried over","plain_english":"Approvals given under the cancelled rules are now treated as given under these rules.","rbi_paragraph":"Para 66","rbi_char_offset":101097,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p58","layer":"bankpulse"},{"n":2,"claim":"md12927-66dfbb16","page_group":"Chapter XI. Repeal and Other Provisions","stored_section":"IMPACT","heading":"Other laws still apply","plain_english":"These Directions add to other laws. They do not replace any of them.","rbi_paragraph":"Para 67","rbi_char_offset":101975,"weight":"BACKGROUND","role":"All staff","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12927#p59","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13234","title":"Reserve Bank of India (Asset Reconstruction Companies – Know Your Customer) Amendment Directions, 2025","date":"Dec 29, 2025","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13234&Mode=0","order":1,"layer":"rbi_source"}],"layers":{"rbi_source":"Facts taken from RBI's own document.","bankpulse":"BankPulse's plain-English summary of RBI's document.","bankpulse_inference":"BankPulse's own inference, not stated by RBI."},"rbi_wording_not_included":"By design. BankPulse never republishes RBI's exact sentences. Use rbi_paragraph with rbi_source.url to read RBI's own words.","terms":"BankPulse's plain-English summaries are BankPulse's own work. The underlying regulation is the Reserve Bank of India's. Always check the RBI document named in rbi_source before acting."}