The Reserve Bank of India KYC Update has relaxed its Customer Identify (KYC) conditions. Due to Coronavirus, many customers are unable to update their KYC. Due to this they are having difficulty in doing banking and other work. The RBI had made a special announcement regarding this last week, in which not only the method of making KYC was made easy and contactless, but its deadline was also increased to 31 December.
Grahak can now provide KYC updates by 31 December 2021. At the same time, those whose work is not working at all, they can update it with the new Video KYC feature of RBI. This change has been made to make the most of the video based identification process (V-CIP) of the customers and to simplify the process of updating KYC periodically.
What is V-CIP
V-CIP bank is an option to identify the customer, in which the identification is done by looking at the face of the customer. Under this, the officer checks the customer under the Reserve Bank Regulations. Under this, information about identity is collected after a safe, lively and without consent, on the basis of interaction with the customer on Video Call.
Video Based customer identification process
The video based customer identification process has been developed so that customers can easily update their KYC. This is the first process. In these, proprietor firms, authorized signatures and other customers will get an opportunity to update their KYC. This facility has been given to these people as it is mandatory to update KYC.
Now Full Kyc Compliance
Not only this, accounts which were opened on aadhaar E Kyc authentication, will now be converted into Full Kyc Compliance. According to the RBI, a centralized KYC registry like DIGI Locker will be identified so that the customer can deliver his documents electronically. The modes of digitally updating KYC will be enhanced.
Get KYC updated by 31 December
RBI Governor said that financial institutions which have not been able to update their customer KYC, they will be exempted by December 31, 2021. Account holders should update their KYC during this period.