Reserve Bank Issues Update For Fresh KYC Process

Shaktikanta Das, Governor of the RBI, stated in December 2022 that customers do not need to visit the bank to update their information.

Mumbai : Customers' KYC (Know Your Customer) information is being periodically updated by the Reserve Bank of India (RBI). According to the central bank, a new KYC procedure can be completed in person at a bank branch or remotely using a video-based Customer Identification Process (V-CIP).

The RBI stated that if the KYC documents in bank records do not conform to the current list of officially valid documents, a new KYC process or documentation may be required. Shaktikanta Das, Governor of the RBI, stated in December 2022 that customers do not need to visit the bank to update their information.

During a press conference, the governor stated that customers can complete re-KYC online unless their address changes. Banks are required to periodically update the customer identification documents of account holders in accordance with RBI's KYC guidelines.

The RBI stated in an official release that the banks are required to provide an acknowledgement of the receipt of the KYC documents / self-declaration submitted by the customer in such cases."

It also said, “As banks are required to conduct periodic reviews and updates to keep their records relevant and up-to-date, a new KYC process or documentation may be required in certain circumstances, including when the KYC documents in bank records do not conform to the current list of Officially Valid Documents (viz., passport, driving license, Aadhaar number proof, voter's identity card, NREGA job card, and National Population Register letter) or where the KYC document submitted earlier may have expired."