No need to visit bank to update KYC, says RBI

Reserve Bank Governor Shaktikanta Das stating that banks should not insist on branch visits for KYC updation, the central bank on Thursday issued guidelines for the same

Bank account holders are no longer required to visit their bank branches to update 'know your customer' (KYC) details provided they have already submitted valid documents and not changed their address, the RBI has said.

Instead, if there is no change in KYC information, they can submit a self-declaration through email-id, registered mobile number, ATMs, or any other digital channels.

Following up on Reserve Bank Governor Shaktikanta Das stating that banks should not insist on branch visits for KYC updation, the central bank on Thursday issued guidelines for the same.

“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.

If there is only a change in address, customers can furnish a revised/updated address through any of these channels after which, the bank would undertake verification of the declared address within two months.

The RBI said banks have been mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updates to comply with the Prevention of Money Laundering Act, 2002 (PMLA).