Good News for Bank Users: RBI extends relaxation on periodic updation of KYC till March

Reserve Bank of India (RBI) on 30 December extended the relaxations given to banks on bank accounts where periodic updation of Know Your Customer (KYC) norms is due. The relaxation has been extended till March, 31, 2022 in view of the Covid situation.

RBI has now asked banks not to impose restrictions on such accounts, where KYC updation is due, till March 31, 2022.

In May too, the RBI had advised banks not to impose restrictions on operations of customer accounts where periodic updation of KYC is due keeping in view of the current Covid restrictions in the country.

This relaxation was then given till December 31.

The RBI has now extended this relaxation till March 31. “In view of the prevalent uncertainty due to new variant of Covid-19, the relaxation provided in the aforementioned circular is hereby extended till March 31, 2022,” the RBI said.