No need to visit your bank for periodic KYC update till Dec 31
Due to the Second wave of Covid-19 virus, the Reserve Bank of India asked banks and other regulated financial bodies not to impose any limitation against customer for failure to update KYC till 31 December 2021.
RBI Relaxes KYC Norms
The RBI has also decided to increase the scope of video KYC (Know-Your-Customer) or V-CIP (Video-based customer identification process) for a new category of customers such as proprietorship firms, authorized signatories and beneficial owner of legal entities.
“Keeping in view the COVID related restriction in various parts of the country, Regulated Entities are being advised that for the customer account where periodic KYC updating is due/pending, no punitive restriction on operations of customer account(s) shall be imposed till December 31, 2021,” RBI Governor said while announcing steps to deal with the Covid-19 Pandemic.
In his address, Das stressed that RBI stand for the battle of readiness to ensure the financial condition of people remain good and Market can also work more efficiently.
The governor who stated multiple sets of measures in this condition of the second wave of the COVID-19 pandemic, further said that the central bank will continue to be proactive throughout the year – taking small and big steps – to deal with the current situation.
