Bank customers, Alert! RBI extends periodic KYC deadline; check last date

RBI has extended the last date for periodic KYC updates till March 31.

New Delhi: The Reserve Bank of India (RBI), on Thursday (December 30), announced the extension of the last date for periodic KYC updates till March 31. The decision has been taken after keeping in view the rising Covid-19 cases in India and Omicron uncertainties. 

The central bank has also advised lenders and other regulated entities not to take restrictive action against customers till the end of the financial year, which is on March 31. 

The RBI has previously extended the last date for KYC updation by banks and other regulated entities till the end of December due to the second wave of the coronavirus pandemic. 

"In view of the prevalent uncertainty due to new variant of COVID-19, the relaxation provided in the ... Circular (relating to Periodic Updation of KYC ‘Restrictions on Account Operations for Non-compliance issued in May) is hereby extended till March 31, 2022," the Reserve Bank of India said on Thursday.

Moreover, the RBI, in May, had advised the regulated entities not to impose punitive restrictions on the operations of accounts of customers in case they fail to comply with the KYC updation norms till the end of 2021. Also Read: EPFO extends deadline for e-nomination filing; check steps to complete process now

Moreover, the central bank has also announced to extend the purview of the video KYC or video-based customer identification process (V-CIP) for customers like such as proprietorship firms, authorised signatories, and beneficial owners of legal entities, according to a report by Mint. Also Read: Sensex, Nifty edge down; RIL tumbles nearly 2%