Data Retention

In terms of the Master Directions of Reserve Bank of India vide RBI/DBR/2015-16/18 Master Direction DBR.AML.BC.No.81/14.01.001/2015-16, updated as on 10th may 2021, stipulates steps to be taken regarding maintenance, preservation and reporting of customer account information, with reference to provisions of PML Act and Rules. Regulated Entities (REs) shall, (a) maintain all necessary records of transactions between the RE and the customer, both domestic and international, for at least five years from the date of transaction;  (b) preserve the records pertaining to the identification of the customers and their addresses obtained while opening the account and during the course of business relationship, for at least five years after the business relationship is ended;   (c) make available the identification records and transaction data to the competent authorities upon request;  (d) V-CIP Records and Data Management-i)The entire data and recordings of V-CIP shall be stored in a system/systems located in India. REs shall ensure that the video recording is stored in a safe and secure manner and bears the date and time stamp that affords easy historical data search. ii) The activity log along the credentials of the official performing the V-CIP shall be preserved.