As per RBI's 2024 KYC guidelines, high-risk customers require re-KYC verification every 2 years.

FATF recommendations are international standards for combating money laundering and terrorism financing.

RBI replaced the Base Rate system with MCLR in 2016 to make lending rates more transparent and responsive to policy changes.

Bank of India, established in 1906, is one of the oldest operating banks. State Bank of India traces back to 1806 through Imperial Bank.

As of 2024, RBI has maintained the Repo Rate at 6.50% in its monetary policy stance. The Repo Rate is the rate at which RBI lends to commercial banks.

State Bank of India (SBI) has the largest branch network among all banks in India, with over 20,000 branches across the country.

The Deposit Insurance and Credit Guarantee Corporation (DICGC) provides deposit insurance coverage of up to ₹5 lakh per depositor per bank, increased from ₹1 lakh in 2020.

The Basel Committee on Banking Supervision sets international standards for bank capital adequacy. Basel III norms have been implemented in India by RBI for regulatory framework.

The Monetary Policy Committee, headed by the RBI Governor, is responsible for fixing the Repo Rate and conducting monetary policy to achieve inflation control and growth.

Axis Bank is a private sector bank. Punjab National Bank, Canara Bank, and Indian Bank are all public sector banks promoted by the Government of India.