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"Banks, financial institutions are required to update the consolidated list of individuals, entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the names of the proposed customer does not appear in the list.
"Further, banks should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list," the RBI said in a notification on Wednesday.
Earlier in August, RBI had issued a similar direction to scheduled commercial banks and financial institutions asking them to be on vigil so that no account is opened or maintained for entities linked with Al-Qaida and Taliban mentioned in the United Nations.
Again in October, it asked central and state co-operative banks to keep a strict watch on UN-listed terror funding entities that might use the banking operations in the country.
Market regulator SEBI had directed all stock exchanges and other securities intermediaries to keep a strict watch on UN-listed terror funding entities.
According to laid down rules, on receipt of particulars, the home ministry would initiate a verification to be conducted by the state police and the central agencies.
On confirmation that the properties are owned by for the benefit of the designated individuals/entities, an order to freeze the assets would be issued within 24 hours.
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Its really makes the pleasure to every one about such kind of action. But what about the black money from our indian side leying to Swiss bank. Please bring that money to our country and eradicate the pooverty through out country. raise that fund for the devlopment of various project. RBI please concenrate on Swiss bank account . This is very much necessary. Britisheres bought 60 ships with full of gold to there nation 50 years ago , what about that. ok, let it be , but tension is that time is going on and our nation become weak and weak.
There is need for strict control on movement and transaction of cash. It should be made clear that transactions above some amount say Rs 5000 or so must be only through crossed cheque or DD. Besides currency notes of Rs 1000 and even Rs 500 must be restricted or banned. It is only Yeswant Sinha who introduced Rs 1000 note whiuch was banned long back to fight black money. Besides judiciary must be expanded with honest judges to hasten cases especially criminal and corruption cases as crimes are alarmingly increasing. Bails must be restricted. B S GANESH BANGALORE
And also check remittances for christians missioneries indulge in forceful conversions with the support and money from Vatican and rome
Dear Sir/Madam, How does the bank know whether the terrorists or terror organizations are not opening accounts and operating in ficticious names. In my humble opinion, there should be an International database of digitized fingerprint of terrorists that should be made available to all banks through read only interface for matching. Also all existing account holders must me asked to report to the bank and get their fingerprints listed. The true fingerprints (without latex) can be matched later through biometric techniques for innocence verification.
RBI has finally come out of sleep!!!, These things should be been done long back . These kind of check's should be done internally as well not just UN list .
I'm surprised RBI is being reactive to a media sensitive event. I thought they would have a process.
I think RBI has taken an important step which can help India in reducing outside agencies aiding for terrosorist activities in India.
Why only on UN list? There may be some terror organisation which are on India's list and not on UN. When will we learn to work our own???? Clearly this is a mandate from US to India.
Does RBI or govt. need more powers? Why don't they act on the info they already have? The truth is that this is politically inconvenient to them because they don't want to touch a particular community.