The Reserve Bank of India vide its notification dated 1st April 2021 has amended the master direction on KYC norms for self-help groups. The directions shall apply to those branches and majority-owned subsidiaries of the REs which are located abroad, to the extent they are not contradictory to the local laws in the host country.
The Amendment is brought under section 43 which notifies the simplified norms for self-help group in which the Customer Due Diligence (CDD) of all the members of SHG may be undertaken at the time of credit linking of SHGs.
