look news india
Bank Rules: The Reserve Bank has clarified that if there is no change in the information included in the KYC of the customers, then they can complete their re-KYC process only through self-declaration. This process can be done online. This means that now customers can complete the re-KYC process sitting at home if there is no change.
To provide any service to the customer, banks or companies have to first complete the KYC process. In which ID proof, address proof etc. are given. After this, the re-KYC process has to be repeated from time to time so that the customer’s information remains updated with the institution. According to the Reserve Bank, the purpose of self-declaration for re-KYC is to make it easier for the customer and to save time and effort in visiting the branch. With this, re-KYC will also be completed on time.
The Reserve Bank said that banks have been advised to provide such facilities to customers to complete re-KYC, so that they do not have to go to the branch for re-KYC. This includes facilities like registered email, registered mobile phone, ATM, online banking, internet banking and app. Also, the Reserve Bank clarified that if only the address needs to be changed in KYC, then the customer can update the address through any such channel. The bank will verify this address in 2 months.
However, the Reserve Bank has said that banks will keep the records of their customers updated at all times and can also give instructions for new KYC in certain circumstances. According to the central bank, if the documents given for KYC are documents which are not included in the list of accepted documents then the bank can ask for a fresh KYC.
