New Delhi: The Reserve Bank of India (RBI) has issued a new order to banks in the case of KYC updates. The Reserve Bank has asked banks not to take any action against consumers if KYC is not updated. Banks have been told that the time for updating KYC is up to December 31, 2021. Do not take any punitive action against the customer before that.
In fact, bank customers complained that banks were either suspending or freezing their accounts due to delays in KYC. There are complaints that banks freeze their accounts without giving any notice. There were constant reports in the media that many customers' accounts were being frozen due to non-completion of KYC. Now RBI has put a stop to this action of banks. The Reserve Bank of India (RBI) has said that activity has come down due to the continuous rise and lockdown of the corona epidemic.
In such a situation, banks cannot freeze or suspend customers' accounts if KYC is not updated. RBI has said that no such action can be taken against customers till December 31, 2021. Bank account holders have been asked to update their KYC during this period.
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