Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance

Last updated: 31 December 2021

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The Reserve Bank of India has extended the deadline for periodic Know Your Customer (KYC) updation. This extension, due to ongoing COVID-19 uncertainties, now means that accounts will not face restrictions on operations until March 31, 2022, if KYC has not been updated. This follows a previous circular issued on May 5, 2021.

Reserve Bank of India RBI/2021-22/144 DOR.AML.REC.74/14.01.001/2021-22 December 30, 2021 The Chairpersons/ CEOs of all the Regulated Entities Madam/Dear Sir, Periodic Updation of KYC Restrictions on Account Operations for Non-compliance Please refer to ourcircular DOR.AML.REC 13/14.01.001/2021-22 dated May 5, 2021, on the captioned subject. 2. In view of the prevalent uncertainty due to new variant of Covid-19, the relaxation provided in the aforementioned circular is here

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FAQ :

The deadline for periodic KYC updation has been extended to March 31, 2022.

The deadline has been extended due to the prevalent uncertainty caused by new variants of Covid-19.

If your KYC is not updated by March 31, 2022, your account operations may face restrictions.

Yes, a previous circular on the subject was issued on May 5, 2021.

Notification No : RBI/2021-22/144 DOR.AML.REC.74/14.01.001/2021-22
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12213&Mode=0

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