According to the RBI, bank account holders who have already submitted valid documents previously and haven’t changed their residence need not any longer go to their bank branches to update their “know your customer” (KYC) information. They can instead submit a self-declaration through an email address, a registered mobile number, ATMs, or any other digital channel if there hasn’t been a change in their KYC information. Following Reserve Bank Governor Shaktikanta Das’ remarks that banks shouldn’t demand branch visits for KYC updates, the central bank released recommendations for the same on Thursday.
“As per the present guidelines, if there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process. “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), letter, etc., without need for a visit to a bank branch,” it said.
Customers can provide a revised or updated address through any of these methods if there is only a minor address change, and the bank will verify the declared address within two months of receiving the revised or updated address. The Prevention of Money Laundering Act of 2002 requires banks to keep their data current and relevant by conducting regular checks and updates, according to the RBI (PMLA).
If the KYC documents found in bank records do not comply with the current list of officially recognised documents—passport, driver’s licence, evidence of Aadhaar number ownership, voter identity card, NREGA employment card, and letter from the National Population Register—a fresh KYC process is required. Additionally, it is required in situations where the earlier-submitted KYC document’s validity may have run out.
“Individual customers of banks are encouraged to get more information on the different options available to them from their bank for (a) completing re-KYC (such as submission of self-declaration through various non-face-to-face channels); or (b) completing fresh KYC by visiting a bank branch or remotely through V-CIP.”