Govt forms panel headed by T V Somanathan to finalise uniform KYC norms

Days after the Financial Stability and Development Council (FSDC) discussed a proposal to bring out uniform Know Your Customer (KYC) norms, the government has formed an expert committee headed by Finance Secretary T V Somanathan (pictured) to make its recommendations on the matter, official sources said.

“The committee has been constituted. Different government departments and FSDC members are part of it,” a senior official said.

The committee would invite inputs from all the members of the FSDC on KYC norms. The Ministry of Corporate Affairs, for instance, would share its practices with regards to the use of the permanent account number (PAN)