RBI Governor ShaktiKant Das made several big announcements in the interest of the bank, small taxpayers for financial reform by press conference. During this time, he has approved the change in the rules of KYC for opening bank accounts.
New Delhi. The Reserve Bank of India (RBI) has announced a grant of Rs 50,000 crore to the health sector, supporting the Indian Economy. At the same time, the common man has also been given great relief. In the midst of the second wave of corona, on Wednesday, RBI Governor ShaktiKant Das, press conference, made several big announcements in the interest of banks, small taxpayers for financial reform. During this, he has also said some important things about the video KYC rules. RBI has approved changes in KYC rules for opening bank accounts. This will have a direct impact on the general customers. Let’s know what RBI said? And what will be its effect on bank customers? KYC approved for opening bank account
RBI Governor Shaktikanta Das said in his address today that in the current situation some changes have been made in the rules of KYC. The RBI today announced several new measures to ease KYC compliance to its customers and said that banks will not be able to hold transactions from any account till 31 December due to KYC update. That is, banks will not be able to ban transactions from any account due to KYC updates till December 31 this year. RBI Governor Shaktikanta Das said in a press conference today that now the beneficiary owners of proprietorship firms, authorized signatory and statutory units will also be eligible for the video KYC facility. Along with this, video KYC facility has also been allowed for periodic updation of KYC.
this effect will be on the customers
after the new RBI rule, now face-to-face mode will not be required for KYC. Aadhaar will be certified through e-KYC. The expansion of KYC will be in the form of a video-based customer identification process (V-CIP). The RBI governor said that KYC identifiers will now have to submit electronic documents including identity documents issued through DigiLocker through the Centralized KYC Registry (KKICR) for V-CIP. This change will benefit the common people as well as proprietorship firms, authorized signatories and owners of legal entities.
Customers will get 10 options
The RBI governor also announced the introduction of 10 more customer-friendly options, including the use of digital channels to update KYC details. If someone does not update KYC or it is delayed, RBI said that action should not be taken immediately. Das appealed to the customers to update their KYC during this period. The RBI governor said that such bank accounts opened on the basis of Aadhaar card where customers and bank employees were not face-to-face were kept in the category of limited KYC accounts. Now all such accounts will fall into the full KYC compliant category. Electronic documents will also be valid for KYC. Identity documents issued from the DigiLocker will also be considered as valid identity cards.
know why it is important,
KYC RBI has cleared the difficulties of people in the Corona era by approving video KYC. Through video KYC, any customer can get KYC done to open their account at home. One of the major advantages of video KYC is that it does not require physical documents, so it is considered more secure.
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