8 hours ago
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.
RBI re-opened its one-time loan restructuring plan for individuals, small businesses, MSMEs
In an unscheduled address on Wednesday, May 5, Reserve Bank of India (RBI) Governor Shaktikanta Das announced several set of measures to tackle the economic disruptions amid the second wave of the COVID-19 pandemic in the country. The central bank will provide term-liquidity support of Rs 50,000 crore to ease the access of funds for emergency medical services. This comes at a time when the healthcare system is overburdened with surging coronavirus cases. (
The RBI also re-opened its one-time loan restructuring plan for individuals, small businesses, and micro, small and medium enterprises (MSMEs) currently affected by the state-wise lockdown restrictions. The small borrowers having exposure up to Rs 25 crore, who did not avail of the restructuring earlier and where loans were classified as standard as of March 31, 2021, will now be eligible for loan restructuring in the second round.