https://www.taxtmi.com/article/detailed?id=10651 Banks lack a clear, continuing regulatory mandate to freeze customer accounts solely for pending periodic KYC: the earlier 2014 partial freeze process is no longer supported in the public regulatory record, RTI and Master Direction review show no present RBI instruction to delegate freezing powers to banks, and PMLA does not itself authorize punitive freezing by RBI or its designees. Judicial precedent disfavors bank freezes and prefers account closure after notice; regulatory ambiguity has produced customer hardship, inconsistent bank practices, and calls for RBI clarification, greater CKYC use, and stronger ombudsman remedies. en-us Mon, 29 Aug 2022 10:05:45 +0530 Mon, 29 Aug 2022 10:36:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10651 Banks lack a clear, continuing regulatory mandate to freeze customer accounts solely for pending periodic KYC: the earlier 2014 partial freeze process is no longer supported in the public regulatory record, RTI and Master Direction review show no present RBI instruction to delegate freezing powers to banks, and PMLA does not itself authorize punitive freezing by RBI or its designees. Judicial precedent disfavors bank freezes and prefers account closure after notice; regulatory ambiguity has produced customer hardship, inconsistent bank practices, and calls for RBI clarification, greater CKYC use, and stronger ombudsman remedies. Articles Other Topics Mon, 29 Aug 2022 10:05:45 +0530 https://www.taxtmi.com/article/detailed?id=10651