New Delhi | Jagran Business Desk: The Reserve Bank of India (RBI)on Thursday has announced to extend the last date for periodic KYC updates till March 31, amid Omicron threat in the country. RBI has also advised banks and other regulated entities not to take restrictive action against customers till the fiscal year-end.
Earlier, the deadline was today that is December 31st. Banks may not impose any restrictions on accounts that are not updated yet under the periodic KYC rules.
"In view of the prevalent uncertainty due to new variant of COVID-19, the relaxation provided in the ... circular (relating to Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance issued in May) is hereby extended till March 31, 2022," the RBI said on Thursday.
Earlier in May, the RBI had extended the last date for updation of KYC by regulated entities till December-end because of the second wave of the coronavirus pandemic.
In May, the RBI had advised the regulated entities not to impose punitive restrictions on operations of accounts of customers for their failure to comply with the KYC updation norms till December-end.
Let us inform you that under the KYC requirement, a bank customer is required to submit his latest details which include PAN, address proof such as Aadhaar, passport, etc., latest photograph, and other details as requested by the bank.
AS per the rule, a regulated entity will undertake account's KYC compliance from its customers due to the Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.
Posted By: Ashita Singh