To provide any service to a customer, banks or companies have to first complete the KYC process. After this, the re-KYC process has to be repeated from time to time so that the customer’s information remains updated with the institution.
Bank Rules: Reserve Bank has clarified that if there is no change in the information included in the KYC of the customers, then they can complete their re-KYC process only through self-declaration. This process can be done online. That is, now customers can complete the re-KYC process from home if there is no change.
To provide any service to the customer, banks or companies have to first complete the KYC process. In which ID proof, address proof etc. are given. After this, the re-KYC process has to be repeated from time to time so that the customer’s information remains updated with the institution. According to the Reserve Bank, the purpose of self-declaration for re-KYC is to make it easier for the customer to work and save their time and effort of visiting the branch. With this, re-KYC can also be completed on time.
The Reserve Bank said that banks have been advised to provide such facilities to customers to complete re-KYC so that they do not have to visit the branch for re-KYC. This includes facilities like registered email, registered mobile phone, ATM, online banking, internet banking and app. At the same time, the Reserve Bank clarified that if only the address is to be changed in KYC, then the customer can update the address through any such channel. The bank will verify this address in 2 months.
However, the Reserve Bank has said that banks will keep their customers’ records updated in every situation and can also direct for new KYC in certain circumstances. According to the central bank, if the documents given for KYC are such documents which are not included in the list of approved documents, then the bank can ask for new KYC.
