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of <h1>RBI Circular: Banks Must Offer Investment Advisory Services via Separate Subsidiary, Comply with SEBI and KYC Regulations.</h1> The circular issued by the RBI outlines guidelines for banks offering Investment Advisory Services (IAS). Banks are prohibited from conducting IAS departmentally and must provide these services through a separate subsidiary or an existing one, maintaining an arm's length relationship. Approval from the Department of Banking Regulation is required for setting up or using a subsidiary for IAS, which must be registered with SEBI and comply with SEBI regulations. IAS should only cover products permissible under the Banking Regulation Act, 1949. Banks currently offering IAS must comply with these guidelines within three years. KYC/AML/CFT guidelines must be followed for IAS customers.
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