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No need for customers to visit bank branches for re-KYC, says RBI

Mumbai, January 5, 2023 

Self-declaration via email, phone sufficient

The Reserve Bank of India (RBI) has clarified that self-declaration by customers through non-face to face channels will be sufficient for completing the re-know your customer process, if there is no change in the information. Furthermore, addresses can also be updated through such channels, without the need to visit a bank branch.

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 bank branch, a press release from the RBI said.

This comes as a major relief to customers as they will not have to visit bank branches for re-KYC process.

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

The banking regulator has further said that since banks are mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updations, a fresh KYC process 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 or where the validity of the KYC document submitted earlier may have expired.

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 Officially valid documents are - 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).

“Fresh KYC process can be done by visiting a bank branch, or remotely through a Video based Customer Identification Process (V-CIP),” RBI said.

The banking regulator has encouraged bank customers to get more information on the different options available to them from their bank for completing re-KYC or completing fresh KYC by visiting a bank branch or remotely through V-CIP.

[The Business Standard]

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