KYC update deadline for bank accounts Gets Extended by RBI Till March 31

KYC update deadline for bank accounts Gets Extended by RBI Till March 31

The Reserve Bank of India (RBI)on Thursday has reported expanding the last date for occasional KYC refreshes till March 31, in the midst of Omicron danger in the country. RBI has likewise exhorted banks and other controlled substances not to make a prohibitive move against clients till the monetary year-end.

Prior, the cut-off time was today that is December 31st. Banks may not force any limitations on accounts that are not refreshed at this point under the occasional KYC rules.

"Taking into account the pervasive vulnerability because of a new variation of COVID-19, the unwinding gave in the ... round (connecting with Periodic Updation of KYC – Restrictions on Account Operations for Non-consistence gave in May) is therefore reached out till March 31, 2022," the RBI said on Thursday. Prior to May, the RBI had broadened the last date for updation of KYC by controlled substances till December-end in light of the second influx of the Covid pandemic.

In May, the RBI had prompted the controlled substances not to force correctional limitations on tasks of records of clients for their inability to consent to the KYC updation standards till December-end. Allow us to illuminate you that under the KYC prerequisite, a bank client is needed to present his most recent subtleties which incorporate PAN, address confirmation like Aadhaar, identification, and so on, most recent photo, and different subtleties as mentioned by the bank.

According to the standard, a managed element will attempt to record KYC consistency from its clients because of the Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.

Image Credit:  The Economic Times


Subscribe to Newsletter