NEWS
RBI details process for re-KYC
Customers need not visit a bank branch to do fresh KYC; self-declaration by customers through non-face-to-face channels is sufficient to complete re-KYC process, if there is no change in information.
Customers need not visit a bank branch to do fresh KYC; self-declaration by customers through non-face-to-face channels is sufficient to complete re-KYC process, if there is no change in information.
Bank customers need to update their KYC by furnishing a fresh KYC (know your customer) or re-KYC in certain cases.
“As the banks are mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updations, a fresh KYC process / documentation may have to be undertaken in certain cases, including where the KYC documents available in bank records do not conform to present list of the Officially Valid Documents (viz., passport, driving license, proof of possession of Aadhaar number, the Voter’s Identity Card, job card issued by NREGA and letter issued by the National Population Register) or where the validity of the KYC document submitted earlier may have expired,” RBI said in a circular.
“In such cases, the banks are required to provide an acknowledgement of the receipt of the KYC documents / self-declaration submitted by the customer,” the RBI said.
Customers need not visit a bank branch as the RBI has clarified that self-declaration by customers through 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., will be sufficient to complete the re-KYC process, if there is no change in the information.
If there is only a change in address, customers can furnish revised / updated address through any of these channels after which, the bank would undertake verification of the declared address within two months.
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 the banks), as provided in Section 18 of the Master Direction on KYC.
Individual customers of banks can get more information on the different options available to them from their bank for completing re-KYC (such as submission of self-declaration through various non-face–to-face channels mentioned in para or by completing fresh KYC) by visiting a bank branch or remotely through V-CIP, the RBI said.
