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“KYC Cleanup: Banks Will Take Action As Per Law”

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Bloomberg TV India asks Financial Services Secretary Rajiv Takru if he is satisfied with the measures taken by banks to tighten KYC norms after the Cobrapost expose and if he plans to increase the penalty for banks that are out of line. “We have asked the penalised banks to provide a report on the issue and will then decide on what needs to be done within the bank,” he says.