Customers need not to visit bank branch to update KYC – You can easily update your KYC information through a variety of digital channels, such as email, mobile phone, ATMs, or other online platforms, without needing to visit a bank branch in person. If your KYC information has not changed, you can even submit a self-declaration through these channels.

Customers Need Not to Visit Bank Branch to Update KYC

Customers Need Not to Visit Bank Branch to Update KYC
Photo Credit: idfcfirstbank

According to a recent directive from the Reserve Bank of India (RBI), it is no longer necessary for customers to physically visit a bank branch in order to update their KYC (Know Your Customer) details, as long as they have already provided the necessary documents. If there has been no change to their KYC information, individuals can simply submit a self-declaration through email, their registered mobile number, ATMs, or other digital channels.

The Reserve Bank of India (RBI) has instructed banks to offer various non-face-to-face channels, such as email, mobile phone, ATMs, online platforms, and mail, through which customers can submit self-declarations and update their KYC information without the need to visit a bank branch. Additional information, if a customer’s address has changed, they can provide an updated address through any of these channels, and the bank will verify the new address within two months.

Reserve Bank of India has directed banks to regularly review and update their records in order to comply with the Prevention of Money Laundering Act (PMLA) and ensure that their information is current and accurate. This is important in order to prevent money laundering and other financial crimes.

According to the Reserve Bank of India (RBI), a new KYC process is required if the bank’s records contain KYC documents that are not on the current list of officially valid documents, which includes passport, driver’s license, proof of possession of an Aadhaar number, voter’s identification card, NREGA job card, and letter from the National Population Register. A new KYC process is also necessary if the validity of previously submitted KYC documents has expired.

In cases where a new KYC process is required, banks are expected to acknowledge the receipt of the customer’s KYC documents or self-declaration.

According to the RBI, customers can complete a new KYC process either by visiting a bank branch in person or through a video-based customer identification process. Both convenient options are available to customers.

According to the Reserve Bank of India’s (RBI) guidelines on KYC, banks and other regulated entities must have an application for digital KYC available at customer touch points, which can be used to complete the KYC process. The app must be designed to capture only live photographs of the customer, and it is not acceptable to use printed or video-recorded photographs. This requirement is part of the RBI’s master direction on KYC.

Source: Fortune India

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