Synopsis
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.
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2021-05-05 18:26:00
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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.
8 hours ago
The Reserve Bank of India (RBI) made changes to its rules on Know-Your-Customer norms, including extending video-KYC to new categories of customers, allowing full conversion of limited KYC accounts and preventing companies from sanctioning customers who have not updated their existing KYC records.
The central bank made certain relaxations in the existing KYC norms, as part of a broader set of regulatory initiatives to address financial sector related issues caused by the ongoing COVID-19 pandemic.”Taking forward the initiatives of the Reserve Bank for enhancing customer convenience, it has been decided to rationalise certain components of the extant KYC norms,” RBI Governor Shaktikanta Das said in an unscheduled public address on Wednesday.
RBI eases KYC compliance; extends video KYC to new customers
By IANS |
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Reserve Bank of India (RBI). (File Photo: IANS). Image Source: IANS News
Mumbai, May 5 : The Reserve Bank of India did not stop at providing liquidity enhancement measures to tackle the current economic strain unleashed by the resurgence of a Covid-19 wave. It also rationalised certain compliance matters to provide ease of doing business for consumers.
Accordingly, RBI governor Shaktikanta Das, in his virtual address on Wednesday also announced rationalisation of compliance to KYC requirements.
Taking forward the initiatives of the apex bank for enhancing customer convenience, it has now been decided to rationalise certain components of the extant KYC norms including extension of the scope of video KYC known as V-CIP (video-based customer identification process) for new categories of customers such as proprietorship firms, authorised signatories and beneficial owners of Legal Entities and