Home / News / India /  RBI issues update for 'Fresh KYC' process. Details here

The Reserve Bank of India (RBI) on Thursday issued a periodic updation of KYC (Know Your Customer) details for customers. The central bank has said that a fresh process of KYC can be done by visiting a bank branch, or remotely through a video-based Customer Identification Process (V-CIP).

The RBI said that a fresh KYC process or documentation may have to be undertaken in certain cases where the KYC documents available in bank records do not conform to present list of the officially valid documents.

Earlier in December 2022, RBI Governor Shaktikanta Das had said that customers do not need to visit the bank to update their details.

Customers can do re-KYC online except where there is a change of address, the governor said while addressing a press conference.

As per RBI's KYC guidelines, banks need to update the customer identification documents of their account holders periodically.

“As the banks are mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updations, a fresh KYC process/documentation may have to be undertaken in certain cases including where the KYC documents available in bank records do not conform to present list of the Officially Valid Documents (viz., passport, driving license, proof of possession of Aadhaar number, the Voter's Identity Card, job card issued by NREGA and letter issued by the National Population Register) or where the validity of the KYC document submitted earlier may have expired. In such cases, the banks are required to provide an acknowledgement of the receipt of the KYC documents / self-declaration submitted by the customer," the RBI said in an official release today.

Meghna Sen
Meghna Sen is a deputy chief content producer at Livemint where she tracks markets, companies. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
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