Reserve Bank Of India (RBI) Extends Deadline For Periodic KYC Update Till March 31 To Provide Relief Amid Covid
The Reserve Bank of India (RBI) has extended the last date for periodic KYC updates till March 31 amid Omicron uncertainties and has advised banks and other regulated entities not to take preventive action against customers till the financial end.
Earlier in May, the RBI had extended the last date for updating KYC by regulated entities till December-end due to the second wave of the coronavirus pandemic.
“In view of the prevailing uncertainty due to the new version of COVID-19, … the relaxation given in the circular (regarding periodic updating of KYC – Restrictions on account operations for non-compliance issued in May) is hereby extended till March 31, 2022,” RBI said on Thursday.
In May, the RBI had advised regulated entities not to impose punitive restrictions on operations of customers’ accounts for failure to comply with KYC updation norms by the end of December.