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Amol Joshi, Founder of PlanRupee Investment Services talks about the hardships that mutual investors are facing because of re-KYC mandate, what are the different KYC registration statuses, how to validate KYC and the issues specific to NRI investors.
Mutual Fund holders should make sure that there is no mismatch, and if there is a mismatch, you should rectify it by April 30, 2024.
Re-KYC is an periodic update on an individual's KYC status, which has to be conducted by every banks and other entities regulated by the Reserve Bank of India (RBI). However if re-KYC process is not followed with banks will suspend the bank account until the individual completes the re-KYC process.
Meanwhile, customers who are due for their KYC update, may do so online as well. There is no need to visit the bank branch for the purpose.
The regulator, in January, notified new norms to make KRAs responsible for carrying out independent validation of the KYC records uploaded onto their system by Registered Intermediaries (RIs).