| Notification Detail :
RBI/2025-26/53
DOR.AML.REC.31/14.01.001/2025-26
June 12, 2025
The Chairpersons/ CEOs of all the Regulated Entities
Dear Sir/ Madam,
Updation/ Periodic Updation of KYC – Revised Instructions
Please refer to instructions on updation/ periodic updation of KYC as contained in paragraph 38 of Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as amended from time to time).
2. The Reserve Bank has observed a large pendency in periodic updation of KYC including in the accounts opened for credit of Direct Benefit Transfer (DBT)/ Electronic Benefit Transfer (EBT) under Government schemes to facilitate credit of DBTs and/ or scholarship amount (DBT/ EBT/ scholarship beneficiaries) and accounts opened under PMJDY.
3. In order to further ease the process for the convenience of customers, the instructions regarding updation/ periodic updation of KYC have been amended with the intent, inter alia, to allow BCs to facilitate in the process of KYC updation vide Reserve Bank of India (Know Your Customer (KYC)) (Amendment) Directions, 2025. Similar amendments related to inoperative accounts and unclaimed deposits have been made vide circular DOR.SOG(LEG).REC/32/09.08.024/2025-26 dated June 12, 2025.
4. Further, the banks are advised to organize camps and launch intensive campaigns including special camps, focusing on periodic updation of KYC, especially in rural and semi urban branches and the branches having large pendency in periodic updation of KYC. The banks may also facilitate the process of activation of such accounts by taking an empathetic view as indicated in the circular DoS.CO.PPG.SEC.12/11.01.005/2024-25 dated December 2, 2024.
5. It is mentioned that over the last few years, the instructions on customer onboarding and updation/ periodic updation of customers’ KYC have been simplified and detailed in the Master Direction ibid. A brief compilation of such instructions is enclosed in the Annexure for ready reference.
Yours faithfully,
(Usha Janakiraman)
Chief General Manager-in-Charge
View Attachment
|
