RBI clarified that if the details of one’s KYC remain the same as before, then just sending an e-mail to the banks or even informing the bank via text message from the registered mobile number should suffice.
The Reserve Bank of India governor, Shaktikanta Das, and Executive Director, Saurabh Sinha assured that customers need not visit bank branches to complete their re-KYC. They also assured that a central KYC process will soon be launched that will let the customers do their KYC with the only bank and need not repeat the KYC process for different banks.
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Banks need to periodically update KYC or customer identification documents in the records of their account holders. The frequency of re-KYC may vary for customers based on the risks associated with the accounts.
“Individuals can complete their re-KYC online as well. It is not necessary that customers need to visit the branch of the banks to do so,” said Das during the press conference after the monetary policy announcement.
RBI clarified that if the details of one’s KYC remain the same as before, then just sending an e-mail to the banks or even informing the bank via text message from the registered mobile number should suffice.
“Only if the address of the customer needs to be changed under KYC, customers can just send the updated address to the banks via mail or text messages. Bank will verify the same within the next two months,” added Sinha.
How will Central KYC, c-KYC registry, CKYCR identifier number work?
The RBI spokesperson also confirmed that a process of centralized KYC will be launched soon that will make the process more hassle-free for the customers.
In the central KYC or c-KYC registry, customers will be given a CKYCR identifier number.
If the customers share the c-KYC number with one bank, then the customer won’t have to update their KYC separately with different banks as well.
RBI also clarified that if banks ask the customers to visit the branches for the re-KYC process, then customers can file complaints against the banks using the services of the Ombudsman and can also avail non-legal fast resolution process.
