According to the RBI’s most recent guideline, account holders who have not changed their addresses and have already submitted valid documents are no longer required to visit their banks to update their “know your customer” (KYC) information. If their KYC information has not changed, they can instead submit a self-declaration through an email address, a registered mobile number, ATMs, or any other digital channel.
After RBI Governor Shaktikanta Das stated that banks shouldn’t require branch visits for KYC updates, the central bank provided recommendations for the same.
According to the RBI, “a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process” if “there is no change in KYC information.”
“The banks have been advised to provide individual customers with the facility of such self-declaration through a variety of 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 having to go to a bank branch,” the RBI continued.
If there is only a minor address change, customers can provide a revised or updated address through any of these channels, as recommended by the RBI. Within two months, the provided address will be checked by the bank.
In addition, the RBI stated that banks must periodically examine and update their records to keep them current and relevant in accordance with the 2002 Prevention of Money Laundering Act (PMLA).
It stated that the “Fresh KYC process can be done by visiting a bank branch or remotely through a Video-based Customer Identification Process (V-CIP)” (wherever banks have enabled the same).
