Now, bank KYC details can be updated by December

Mumbai, May 5

The RBI on Wednesday asked banks and other regulated financial entities not to impose any punitive restriction against customers for failure to update KYC till December-end, in view of the second wave of coronavirus cases.

Regulated entities are being advised that for the customer accounts where periodic KYC updating is due/pending, no punitive restriction shall be imposed till December 31. —Shaktikanta Das, RBI Governor

The RBI has also decided to extend the scope of video KYC (know-your-customer) or V-CIP (video-based customer identification process) for new categories of customers such as proprietorship firms, authorised signatories and beneficial owners of legal entities. — PTI