FinMin asks banks to tighten norms for high value FDs

The Finance Ministry has asked public sector banks to tighten norms, including know your client (KYC) monitoring for high-value fixed deposits, to check the kind of frauds suspected to have been 

committed at Dena Bank and OBC.

The ministry would like banks to make a full-proof arrangement for high value fixed deposits, including due diligence of know your customer (KYC) details, sources said.

Banks have been advised to categorise fixed deposits, which may fall under high value criteria, sources said.

At the moment, different banks have varied definitions of high value fixed deposits.