Question: Which bank has launched ‘NRI-Insta-Online’ account opening process for the Non-Resident Indians (NRIs) residing in the Financial Action Task Force (FATF) member countries?
(a) IDBI Bank
(b) HDFC bank
(c) ICICI Bank
(d) SBI
Answer: (a)
Related facts:
- IDBI Bank has recently launched NRI-Insta-Online account opening process for the Non-Resident Indians (NRIs) residing in the Financial Action Task Force (FATF) member countries.
- NRIs will be able to open an account in IDBI Bank without submitting the paper documents.
FATF:
- The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 on the initiative of the G7 to develop policies to combat money laundering.
- In 2001 its mandate expanded to include terrorism financing.
- There are 38 member of FATF including India, representing most financial centers around the world.
IDBI Bank:
- The IDBI Bank is a private sector lender.
- IDBI Bank Ltd. has inherited a rich legacy from its predecessor entity-Industrial Development Bank of India-which was an apex Development Financial Institution (DFI) in the realm of industry from 1st July, 1964 to September 30, 2004.
- On October 1, 2004, the erstwhile IDBI was converted into a banking company – IDBI Ltd. to undertake the entire gamut of banking activities while continuing to play its secular DFI role.
Links:
https://www.businesstoday.in/current/corporate/idbi-bank-brings-paperless-account-facility-for-nris-living-in-nearly-40-countries/story/337818.html
https://en.wikipedia.org/wiki/FATF_blacklist
https://www.fatf-gafi.org/about/whoweare/
https://www.idbi.com/idbi-bank-profile.asp