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The Reserve Bank of India (RBI) made changes to its rules on Know-Your-Customer norms, including extending video-KYC to new categories of customers, allowing full conversion of limited KYC accounts and preventing companies from sanctioning customers who have not updated their existing KYC records.
The central bank made certain relaxations in the existing KYC norms, as part of a broader set of regulatory initiatives to address financial sector related issues caused by the ongoing COVID-19 pandemic.”Taking forward the initiatives of the Reserve Bank for enhancing customer convenience, it has been decided to rationalise certain components of the extant KYC norms,” RBI Governor Shaktikanta Das said in an unscheduled public address on Wednesday.