Fresh KYC: RBI's Key Decision On KYC.. No Need To Go To Banks Again And Again?

Fresh KYC: Reserve Bank of India (RBI) recently made a key announcement regarding KYC. KYC (Know Your Customer) has issued complete guidelines regarding periodic updation. But.. Do customers have to go to banks to resubmit KYC documents? Let’s find out what RBI said about this. KYC documents should be updated regularly. This is very important. But the central bank for KYC updation or re-KYC.. has made the process much easier. If there is no change in your KYC information in the same personal information, contact, other documents.. customers can complete the re-KYC process through self-declaration.

The Reserve Bank of India has ruled that banks do not necessarily require customers to approach their branches for this self-declaration. Banks are advised to facilitate this process through digital channels like registered mobile number, registered e-mail, ATMs, online banking or internet banking, mobile application or through letters. It has been clarified that customers do not need to go to banks for self-declaration.

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Customers need to update their KYC if there is only change of address. This can also be done through internet banking and other facilities as mentioned above. Banks have to complete the verification process within 2 months of customers updating their address proofs.

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The RBI said that banks should ask customers to re-submit KYC documents only in cases where the documents in their bank’s records do not match current passport, driving license, Aadhaar number, voter ID number, job card etc. It is said to do rekycy only in such situations. In other cases self declaration is sufficient.

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Also, if the KYC documents submitted earlier by you are out of date.. then also the latest KYC details have to be submitted to the banks. It clarified that customers can go directly to banks in case of re-submission of KYC or submission of new KYC details, while video-based customer identification process (V-CIP) will also be available.