New Delhi. The Reserve Bank of India (RBI) on Thursday extended the KYC update deadline in banks by three months to March 31, 2022. In view of the increasing corona infection, the central bank has extended the date of updating (KYC) to 31 March 2022.
Customers can send the documents through e-mail or post for updating KYC. There is no need for them to go to the branch with the papers. Apart from this, customers can also do video KYC.
In May, due to the second wave of COVID-19 in the country and restrictions imposed in various states, the Reserve Bank of India (RBI) directed banks and other regulated financial institutions not to take any punitive action against customers till December 2021.
What happens if KYC is not done?
According to the information given on the bank’s website, the customer has to complete the new KYC documents by visiting the bank or updating them online. The bank says that if KYC is not completed, then future transactions in the account can be stopped.
Rules regarding KYC rules of RBI,
KYC is required to open an account in any bank. This has been made mandatory by the Reserve Bank. KYC is a way to identify the customer, for which some necessary documents have to be submitted. The documents that are submitted are called KYC documents or KYC documents.
RBI had announced a change in the rules in view of the corona infection. RBI Governor Shaktikanta Das had said that some changes have been made in the KYC rules in view of the current Corona crisis. Banks will not be able to stop transactions from any account due to non-updation of KYC till December 31 this year.
