You can now update your KYC at home: RBI

You can now update your KYC at home: RBI

Instead of visiting the bank, you can submit a self-declaration through an email address, a registered mobile number, ATMs, or any other digital channel if there hasn't been a change in their KYC information

FPJ Web DeskUpdated: Friday, January 06, 2023, 02:21 PM IST
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No need to visit bank to update KYC: RBI | Image: Wikipedia (Representative)

The Reserve Bank of India has said, "Bank account holders are no longer required to visit their bank branches to update 'know your customer' (KYC) details provided they have already submitted valid documents and not changed their address."

They can instead submit a self-declaration through an email address, a registered mobile number, ATMs, or any other digital channel if there hasn't been a change in their KYC information.

Following Reserve Bank Governor Shaktikanta Das' remarks that banks shouldn't demand branch visits for KYC updates, the central bank released recommendations for the same on Thursday.

Current rules

According to the current rules, a self-declaration to that effect by the individual customer is sufficient to finish the re-KYC procedure if there has been no change in KYC information.

"The banks have been advised to provide facility of such self-declaration to the individual customers through various non-face-to-face channels such as registered email-id, registered mobile number, ATMs, digital channels (such as online banking/internet banking, mobile application), letter, etc., without need for a visit to a bank branch," it said.

If there is only a change in address, customers can furnish a revised/updated address through any of these channels after which, the bank would undertake verification of the declared address within two months.

The RBI said banks have been mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updates to comply with the Prevention of Money Laundering Act, 2002 (PMLA).

A new KYC process

A new KYC process is needed if KYC documents available in bank records do not conform to the present list of officially valid documents -- passport, driving licence, proof of the possession of an Aadhaar number, voter's identity card, NREGA job card and letter issued by the National Population Register.

It's also needed in cases where the validity of the KYC document submitted earlier may have expired.

In such cases, banks are required to provide an acknowledgment of the receipt of the KYC documents / self-declaration submitted by the customer, the RBI said.

"Fresh KYC process can be done by visiting a bank branch, or remotely through a Video-based Customer Identification Process (V-CIP) (wherever the same has been enabled by banks)," it said.

"Individual customers of banks are encouraged to get more information on the different options available to them from their bank for (a) completing re-KYC (such as submission of self-declaration through various non-face-to-face channels); or (b) completing fresh KYC by visiting a bank branch or remotely through V-CIP."

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