The Reserve Bank of India continued providing liquidity enhancement measures to tackle the current economic strain unleashed by the resurgence of a Covid-19 wave. The Central Bank also rationalized certain compliance matters to provide ease of doing business for consumers.

RBI governor Shaktikanta Das, in his virtual address on Wednesday also announced rationalization of compliance to KYC requirements.

The easing of compliance measures also includes conversion of limited KYC accounts opened on the basis of Aadhaar e-KYC authentication in non-face-to-face mode to fully KYC-compliant accounts. Also, the RBI has allowed the use of KYC Identifier of Centralised KYC Registry (CKYCR) for V-CIP and submission of electronic documents (including identity documents issued through DigiLocker) as identify proof.

Banks have also been asked to introduce more customer-friendly options, including the use of digital channels for the purpose of periodic updation of KYC details of customers.

Further, keeping in view the COVID related restrictions in various parts of the country, Regulated Entities have been 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 unless warranted due to any other reason or under instructions of any regulator/enforcement agency/court of law, etc. Account-holders are requested to update their KYC during this period.

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