The Reserve Bank on Wednesday asked banks and other regulated financial companies not to impose any punitive steps against customers for failure to update KYC till December end, in view of the second wave of coronavirus cases.

 The Central bank has also decided to extend the scope of video KYC (know-your-customer) or V-CIP (video-based customer identification process) for new categories of customers such as proprietorship firms, authorised signatories and beneficial owners of legal entities.

while announcing steps to deal with the COVID pandemic, RBI Governor Shaktikanta Das said- “Keeping in view the COVID-related restrictions in various parts of the country, Regulated Entities are being advised that for the customer accounts where periodic KYC updating is due/pending, no punitive restriction on operations of customer account(s) shall be imposed till December 31, 2021.”

The governor, who announced several set of measures in wake of the second wave of the COVID-19 pandemic, further said the central bank will continue to be proactive throughout the year taking small and big steps to deal with the evolving situation.

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