Update KYC without going to the bank, said RBI

RBI said bank account holders who have previously turned in acceptable identification documents and haven’t changed their residence are no longer obliged to go to their bank branches to renew their “know your customer” (KYC) information.

They can instead produce a self-declaration through an email address, a registered mobile number, ATMs, or any other digital channel if there hasn’t been a change in their KYC information.

Following Reserve Bank Governor Shaktikanta Das’ remarks that banks shouldn’t demand branch visits for KYC updates, the central bank released recommendations for the same on Thursday.

This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.