The Reserve Bank of India (RBI) has elucidated that self-declaration by clients through non-face-to-face frequencies will be satisfactory for implementing the re-know your customer course if there is no change in the evidence. Besides, addresses can be efficient through such conduits without visiting a bank branch.

The banks have been counselled to deliver the facility of such self-declaration to the discrete regulars through many non-face-to-face channels such as recorded email-id, enumerated mobile numbers, ATMs, and digital channels like online banking/internet banking, mobile application, and letter. This is a significant relief to customers as they will not have to visit bank branches for the re-KYC process.

If there is only an address change, customers can furnish updated addresses through channels, after which the Bank would assume confirmation of the declared address in two months.

The banking regulator said that since banks are mandated to keep their records up-to-date and applicable by commission periodic reviews and updating, a renewed KYC course may have been undertaken in some instances. It counts the KYC documents in bank records that do not imitate the current list of Officially Valid Documents or KYC document validity deferred earlier have expired.

In such cases, the banks must deliver receipt acknowledgement of the KYC documents / self-declaration submitted by the customer.

The Officially valid papers are – a passport, driving license, possession proof of Aadhaar number, the Voter’s Identity Card, job card supplied by NREGA, and a letter provided by the National Population Record.

“Fresh KYC course is done by visiting a bank branch, or distantly through a Video-based Customer Identification Process (V-CIP),” RBI.

The banking regulator fortified bank customers to get more info on the diverse options accessible to them from their Bank for completing re-KYC or fresh KYC by visiting a bank branch or distantly through V-CIP.