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Reserve Bank of India’s Fresh Update on KYC Process is Here; All You Need To Know

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Last Updated: January 06, 2023, 11:58 IST

Customers do not need to visit the bank to update their information, according to earlier statements made by RBI Governor Shaktikanta Das in December 2022.

Customers do not need to visit the bank to update their information, according to earlier statements made by RBI Governor Shaktikanta Das in December 2022.

The RBI stated that if the KYC documents submitted to the bank do not comply with the officially recognised documents, a new KYC procedure or documentation may need to be carried out.

On Thursday, the Reserve Bank of India (RBI) updated clients’ KYC (Know Your Customer) information. The central Bank updates the KYC of citizens periodically. According to the central bank, a new KYC procedure can be completed in person at a bank branch or online using a video-based Customer Identification Process (V-CIP).

The RBI stated that if the KYC documents submitted to the bank do not comply with the officially recognised documents, a new KYC procedure or documentation may need to be carried out.

Customers do not need to visit the bank to update their information, according to earlier statements made by RBI Governor Shaktikanta Das in December 2022. The governor stated during a press conference that customers can complete their re-KYC online unless their address has changed. Banks must frequently update the customer identification documents of their account holders following RBI KYC rules.

As the banks are required to maintain their records up-to-date and relevant by carrying out periodic reviews and updates, a new KYC process or documentation may need to be carried out in certain circumstances, including where the KYC documents available in bank records do not conform to the current list of the Officially Valid Documents (viz., passport, driving licence, proof of possession of Aadhaar number, voter’s identity card, job card issued by NREGA, and letter issued by the Nat’l.

The RBI stated in an official release that in certain situations, the banks must offer confirmation of receipt of the KYC documents or self-declaration supplied by the customer.

Additionally, customers can provide a revised or updated address through any of these channels if there is only a minor address change. The bank will then verify the amended address within two months.

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