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RBI relaxes KYC norms, tells banks not to impose any restriction till Dec-end | India News


Mumbai: This Reserve Bank On Wednesday, it asked banks and other regulatory financial institutions not to impose fines Prohibition Against Customers For failure to update KYC By the end of December, considering the second wave of coronavirus cases.
This RBI Has also decided to increase the area of Video KYC (Know Your-Customer) or V-CIP (Video Based Customer Identification Process) for new categories of customers such as proprietary companies, authorized signatures and beneficial owners of legal entities.
“In view of the Kovid-related restrictions in various parts of the country, regulatory bodies are being advised that no punitive restrictions will be imposed on the operation of the Consumer Account (s) till the Consumer Accounts where KYCs are / are to be updated periodically.” , 2021, “RBI Governor Shaktikanta it While announcing measures to deal with the epidemic, Kovid said.
From now on, for no other reason or under the direction of any enforcement agency or court, unless guaranteed, banks or regulatory companies will not impose punitive sanctions on consumers.
In his address, Das emphasized that the RBI was engaged in “war readiness” to ensure that the financial situation remained normal and the markets functioned efficiently.
“We will work in close coordination with the government to alleviate the suffering of our citizens going through this difficult time. We are committed to being unconventional and giving new answers when the situation demands it. We must also stay focused. About our future,” “India looks set to become one of the fastest growing economies in the world,” he said.
The governor, who announced some measures in the wake of the second wave of the Covid-19 epidemic, further said that the central bank would remain active throughout the year – taking small and big steps to address the evolving situation.

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