SBI customers can update their KYC without visiting branch office; here s how businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Bengaluru (Karnataka) [India], May 20 (ANI/PRNewswire): To serve customers in the new normal times, State Bank of India launches a full power YONO Savings Account that can be opened instantly with Video KYC in 4 simple steps.
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RBI also announced that limited KYC accounts opened on the basis of Aadhaar e-KYC authentication in non-face-to-face mode can be converted to fully KYC-compliant accounts.
RBI eases KYC compliance, no punitive actions till Dec 2021; extends video KYC to new customers
Those who have to update their KYC details of their bank accounts can breathe a little easy. The Reserve Bank of India (RBI) announced today that banks should not take punitive action against those customer accounts where periodic KYC updating is due/pending. RBI has given time until December 31, 2021 for customers to update their KYC details.
This announcement was part of the RBI governor, Shakthikantha Das unscheduled speech on May 5, 2021 to announce measures to tackle the ongoing second wave of the novel coronavirus pandemic.
The Reserve Bank of India (RBI) will give banks Rs 50,000 crore to enable them to lend further for healthcare needs in the Covid-19 crisis, said governor Shaktikanta Das on Wednesday. “India has mounted a valiant defence against Covid-19. The RBI will continue to monitor the emerging situation and deploy all instruments at its command, said Das at an unscheduled briefing where he listed measures the central bank will take to support the economy during a second wave of infections. “On-tap liquidity of Rs 50,000 crore at repo rate is being opened till March 31, 2022. Under the scheme banks can support entities including vaccine manufacturers, medical facilities, hospitals and also patients,” said Das.
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RBI relaxes KYC norms, tells banks not to impose any restriction till December-end
The Reserve Bank on Wednesday asked banks and other regulated financial entities not to impose any punitive restriction against customers for failure to update KYC till December end, in view of the second wave of coronavirus cases.
The RBI has also decided to extend the scope of video KYC (know-your-customer) or V-CIP (video-based customer identification process) for new categories of customers such as proprietorship firms, authorised signatories and beneficial owners of legal entities. Keeping in view the COVID-related restrictions in various parts of the country, Regulated Entities are being advised that for the customer accounts where periodic KYC updating is due/pending, no punitive restriction on operations of customer account(s) shall be imposed till December 31, 2021, RBI Governor Shaktikanta Das said while announcing steps to deal with the COVID pandemic.