KYC: No need to visit bank for update; fresh KYC process can be done through videoHimanshi Singh

Jan 9, 2023

What is KYC?

KYC, short for 'Know Your Customer' is a process by which banks obtain information about the identity and address of their customers. This helps them ensure that services are not misused.

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RBI KYC Update

The Reserve Bank has, from time to time, taken measures to rationalise the KYC related instructions and the central bank recently released fresh guidelines for the KYC processes that allow for them to completed remotely.

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​No change in KYC information

The RBI has announced that there is no need for customers to visit the bank if there is no change in KYC information. A self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process.

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​Re-KYC Process

RBI has instructed lenders to provide facility of such self-declaration to the individual customers through various non-face-to-face channels like registered email-id, mobile number, ATMs, digital channels (online banking/internet banking, mobile application), letter, etc.

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​Address change in KYC information

If there is only a change in address in the KYC information, customers can furnish revised/updated address through any of the channels mentioned by RBI.

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​Fresh KYC Process

There would be need for a fresh KYC process in cases where the KYC documents available in bank records do not conform to present list of the officially valid documents or where the validity of KYC document has expired.

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​How to do fresh KYC?

Customers will no longer need to go to the bank for fresh KYC process. While it can be done by visiting a bank branch, fresh KYC process can also be completed remotely through a Video based Customer Identification Process (V-CIP).

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RBI Asks Customers To Get More Info On KYC

The RBI said that customers are encouraged to get more information on the different options available to them for completing re-KYC or completing fresh KYC by visiting a bank branch or remotely through V-CIP.

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