RBI: Customers can submit online self-declaration for Re-KYC if no changes
New Delhi, Nov 13, 2024
Banks are advised to enable self-declaration for customers via non-face-to-face channels like registered email, mobile, ATMs, online/mobile banking, and letters, removing the need to visit branches
The Reserve Bank of India (RBI) has clarified that customers can complete the re-KYC process through self-declaration if there is no change in their Know Your Customer (KYC) information.
The move aims to simplify the KYC process and reduce the need for customers to visit bank branches, thereby enhancing convenience and efficiency in banking services.
According to a media report, RBI has said, “The banks have been advised to provide facility of such self-declaration to the individual customers through various non-face-to-face channels such as registered email-id, registered mobile number, ATMs, digital channels (such as online banking / internet banking, mobile application), and letter without need for a visit to bank branch.”
“Further, if there is only a change in address, customers can furnish revised or updated address through any of these channels after which, the bank would undertake verification of the declared address within two months,” it says.
Importance of regular updates
According to the RBI, banks must maintain up-to-date records and conduct periodic reviews of customer information. In certain situations, a fresh KYC process may be necessary. This includes instances where:
The KYC documents on file do not meet the current list of Officially Valid Documents (OVDs).
The list of OVDs accepted for KYC purposes includes: Passport, driving licence, voter’s ID card, Aadhaar card, job card issued by NREGA, letter from the National Population Register.
The validity of previously submitted KYC documents has expired.
In such cases, banks must acknowledge receipt of any new documentation or self-declarations submitted by customers.
Fresh KYC can be done by visiting a bank branch, or remotely through a video-based customer identification process (V-CIP), wherever it has been enabled by the banks.
Fresh KYC procedure
Visiting a bank Branch: Customers can go directly to their bank’s branch to complete the required documentation.
Video-Based Customer Identification Process (V-CIP): For banks equipped with this technology, customers can complete their KYC remotely via video call. This method includes geo-tagging and time-stamping features to ensure authenticity and security during the identification process.
[The Business Standard]
