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Decoding the RBI Governor’s Statement

The New RBI Norms 2023: Bank account holders not required to visit bank branch to update KYC

Table of Content

  1. To provide physical proof of identity and address, such as a passport, PAN card, driving license or voter ID card, which was then verified by bank officials.
  2. To sign the necessary documents, such as the KYC form, in the presence of bank officials.
  3.  To update their contact information, such as phone numbers and email addresses.
  4. To resolve any issues or queries related to the KYC process.

However, RBI has passed a statement that accounts holders are no longer required to visit their banks physically to update their KYC details on condition that they have submitted their legal documents and not changed their address.

In fact, if there are no changes in KYC information, a self-declaration can be submitted by an individual to complete their KYC process. The banks will also provide this facility to customers through various online channels such as mobile numbers, email, ATMs, online banking, bank mobile application, etc.

In certain cases where the customer wants to change only their address, they can request the bank through any of these channels and preferably the bank will take action for the verification of the revised address within two months. If the documents submitted in the bank do not comply with the present list of official documents that is required by the law, the customers have to take up a new KYC process.

In the case of, Fresh KYC, the process can be completed by visiting a bank branch, or remotely through a Video-based Customer Identification Process(V-CIP) which is implemented by some banks now.

Lastly, RBI has clearly stated that it is mandatory for banks to maintain and keep up their records up to date by undertaking periodic reviews and updates to prevent any charge of penalties on them.

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In a nutshell, Perfios stands on the trifecta of digitization: automation, enhanced diligence, and robust decisioning for straight-through processing; thus, creating a state-of-the-art digitization process without compromising on security and quality. Perfios is a pioneer in the services it offers and has successfully acquired a very diverse portfolio of 300+ live clients, spanning the largest gamut of use cases in the industry.

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