RBI Says Fresh KYC Can Be Done By Video Based Customer Identification Process And Re-KYC Through Non-face–to-face Channels

RBI On Re-KYC: The Reserve Bank of India, the regulator of the banking sector, has simplified the rules of KYC. Now there will be no need to go to the bank branch to get KYC done. Now fresh KYC (know-your-customer) process can be completed through video based customer identification process from home or anywhere.

RBI has issued a press release on January 5, 2023, saying that the fresh KYC process can be done sitting anywhere through the video-based customer identification process or by going to the bank’s branch. RBI has said that if there is no change in KYC, then the customer can complete the process of re-KYC only by giving self-declaration and this will be considered sufficient. According to RBI, banks have been asked to provide such a facility in which the process of self-declaration of customers can be completed through non-face-to-face channels.

In fact, RBI was getting complaints against the banks that despite submitting the documents online several times, the process of digital re-KYC could not be processed through the banks’ website and mobile app. RBI has said that the customer can complete the process of re-KYC through his registered email ID, mobile number, ATM, online banking or internet banking, mobile app or letter. There is no need to go to the bank branch in this. If there is only a change in the address, then the address proof can be submitted through these means and the bank will have to complete the verification process within two months.

RBI Governor Shaktikanta Das had said last month that bank account holders need not visit the bank branch again and again to update their details. He said that apart from updating the change in home address, bank customers will now be able to update Re-KYC (Know Your Customer) online from home. According to RBI’s KYC Norms Guidelines, banks have to update the identification details of account holders after a period.

After announcing the monetary policy, the RBI governor had said that bank customers can get their KYC done again without visiting the branch. The RBI governor said that despite this, if the banks force the customers to come to the bank branch to get KYC done, then the customers can file the same complaint.

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