Mumbai. The Reserve Bank of India (RBI) has extended the relaxation in KYC guidelines regarding periodic updating of information of old customers of banks till March 31, 2022.
This decision has been taken to save the customers and bank employees from hassle in times of uncertainty due to the new form of Kovid.
RBI had issued a comprehensive guideline on February 25, 2016 for banks to update the KYC of their existing customers from time to time. In this, there is a provision to ban the operation of the customer’s account if KYC is not renewed at regular intervals.
The central bank had relaxed this rule till 31 December 20 21 on 5 May 20 21 amid the second wave of Corona.
In a circular issued by RBI to banks on Thursday, it has been said, ‘In view of the current uncertainty prevailing due to the new nature of Kovid-I, the relaxation provided under (circular of May 5) is hereby extended till March 31, 2022. Is.