KYC Update Alert For Bank Customers: With Video-based KYC, Digi-locker, RBI Rationalizes Process; Top Points

New Delhi: KYC Update – In a giant replace for financial institution clients, Reserve Bank of India (RBI) on Wednesday introduced rationalisation of Know Your Customer (KYC) compliance norms. RBI Governor immediately offered the scope for video-based KYC for sure classes. Apart from this, the Central Bank has restricted KYC for use until December 1, 2021. Also Read – IPL 2021: Kuldeep Yadav to Jason Roy, Five Top Capped Who Did Not Get a Game

Here Are Big RBI Announcements for KYC Update

Taking ahead the initiatives of the Reserve Bank for enhancing buyer comfort, it has been determined to rationalise sure parts of the extant KYC norms, RBI Governor said. Also Read – IPL 2021: Bookies Employed Cleaner to do ‘Pitch Siding’ in One Game, Says BCCI ACU Chief

RBI immediately prolonged the scope of video KYC referred to as V-CIP. Also Read – Sonu Sood Provides 16 Oxygen Cylinders To Bengaluru Hospital, Saving 22 Covid-19 Patients’ Lives

V-CIP is video-based buyer identification course of.

The V-CIP facility will likely be obtainable for brand spanking new classes of consumers akin to proprietorship companies, authorised signatories and helpful homeowners of Legal Entities.

For periodic updation of KYC, RBI has introduced conversion of restricted KYC accounts opened on the idea of Aadhaar e-KYC authentication in non-face-to-face mode to totally KYC-compliant accounts.

RBI has enabled using KYC Identifier of Centralised KYC Registry (CKYCR) for V-CIP and submission of digital paperwork (together with id paperwork issued by way of DigiLocker) as determine proof.

RBI has launched extra customer-friendly choices, together with using digital channels for the aim of periodic updation of KYC particulars of consumers.

Further, preserving in view the COVID associated restrictions in varied elements of the nation, Regulated Entities are being suggested that for the shopper accounts the place periodic KYC updating is due or pending, no punitive restriction on operations of buyer account(s) shall be imposed until December 31, 2021, RBI said.

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