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RBI relaxes compliance norms for KYC
May 06, 2021
No punitive action until Dec 31, 2021 if customers unable to update KYC
The Reserve Bank of India on Wednesday announced relaxation in compliance for Know Your Customer (KYC) norms due to the ongoing pandemic and lockdowns.
RBI Governor Shaktikanta Das said that banks and regulated entities will not impose punitive actions until December 31, 2021 if customers are unable to update KYC.
“Keeping in view the Covid-related restrictions in various parts of the country, regulated entities are being advised that for the customer accounts where periodic KYC updating is due or pending, no punitive restriction on operations of customer accounts shall be imposed till December 31, 2021 unless warranted due to any other reason or under instructions of any regulator/enforcement agency or court of law, etc,” RBI Governor Shaktikanta Das said. However, account holders are requested to update their KYC during this period, t ....

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