RBI allows KYC updation till March 2022 amid Omicron uncertainty
IANS 30 December 2021
The Reserve Bank of India on Thursday extended the last date for Know Your Customer (KYC) updation for bank accounts by three months to March 2022.
The RBI, through a notification, said it is extending the deadline in view of the "prevalent uncertainty due to new variant of Covid-19".
In May 2021, RBI had relaxed the KYC rules due to the pandemic and had said banking services should not be restricted just because the documents have not been updated by the customer.
"Keeping in view the current Covid-19 related restrictions in various parts of the country, 'REs' are advised that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no restrictions on operations of such account shall be imposed till December 31, 2021, for this reason alone, unless warranted under instructions of any regulator or enforcement agency or court of law, etc," it had said then.
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5 months ago
Whether KYC updating exercise is also mandatory for customers whose KYC particulars have not changed or have remained relevant in all respects, is not clear. RBI should consider giving public notice through newspapers etc. so that citizens understand the correct position and cooperate accordingly.
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