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The Reserve Bank of India(RBI) said if there is no change in know-your-customer (KYC) information, a self-declaration to that effect from the individual customer to the bank is sufficient to complete the re-KYC process.
The banks have been advised to provide facility of such self-declaration to the individual customers through various 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 the need for visiting a bank branch, according to a central bank statement.
Further, if there is only a change in address, customers can furnish revised/updated address through any of the aforementioned channels after which, the bank would undertake verification of the declared address within two months.
Fresh KYC
RBI underscored that as the banks are mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updations, a fresh KYC process/documentation may have to be undertaken in certain cases.
These cases include where the KYC documents available in bank records do not conform to present list of the Officially Valid Documents (OVDs) or where the validity of the KYC document submitted earlier may have expired.
In such cases, the banks are required to provide an acknowledgement of the receipt of the KYC documents / self-declaration submitted by the customer.
The OVDs include passport, driving license, proof of possession of Aadhaar number, the Voter’s Identity Card, job card issued by NREGA and letter issued by the National Population Register,
RBI said fresh KYC process can be done by visiting a bank branch, or remotely through a Video based Customer Identification Process (V-CIP) (wherever the same has been enabled by the banks).
“Individual customers of banks are encouraged to get more information on the different options available to them from their bank for (a) completing re-KYC (such as submission of self-declaration through various non-face–to-face channels; OR (b) completing fresh KYC by visiting a bank branch or remotely through V-CIP,” RBI said.
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