The Reserve Bank of India (RBI) has updated the know your customer (KYC) norms for banks and financial entities it regulates for the first time since February 2016 reiterating that no account is opened in an anonymous or fictitious name. "Regulated entities (REs) have to ensure that no account is opened where the RE is unable to apply appropriate customer due diligence (CDD) measures, either due to non-cooperation of the customer or non-reliability of the documents/information furnished by the customer,” said RBI.

Source - https://economictimes.indiatimes.com