RBI: RBI will make the KYC rules easier, there will be no need to submit the document repeatedly for small changes – RBI will change rules related to kyc customer will not have to submit document Again and Again for Minor Changes

The Reserve Bank (RBI) has proposed major changes in ‘No Your Customers’ guidelines. This will benefit those old customers along with new customers, who want to update their identification, that is, to make a minor change in it. Earlier, RBI had sought feedback from customers in this case. This will ease the operations of financial institutions including bank and NBFC. Also, customers will also benefit.

It will be easy to get small updates

Rbi The effort is to make the process easier for customers. When this proposal is implemented, customers will be very easy to make small updates in KYC. They have to fill only a self-decreasing form for this. It has to be told that the information related to their identity has changed. For example, if a customer wants to change his address, he will have to fill the self-determination form and tell that his address has changed. This deckleration can be submitted through many digital channels. These include registered email, mobile numbers, ATMs and online banking applications.

No need to give the same document again and again

The new RBI governor Sanjay Malhotra insisted on eliminating the need to submit the same document repeatedly. He said in March, “We need to ensure that when the customer submits a financial institution once the document submits the document, then it should not be pressured to re -submit the same document again.” Experts say that crores of customers will benefit from the change in guidelines to update KYC.

KYC update may be done in any branch of the bank

The central bank is also increasing the options to update KYC from time to time. This means that the financial institution of the customer in which the account has an account will be able to update Kevayas in any branch or office. Apart from this, OTP-based KYC and video-based customer identification process for updates can also be used for small updates. This will make the customer very easy. In the new rule, if the current address of a customer is different from the address that is in the database of UIDAI, it will be allowed to use the base biometric e-KYC for face-to-face onboarding for self-determination.

Also read: SEBI takes a big decision for Divyang, asked to provide digital KYC facility

People with job transfer will be facilitated

Experts say that today the address of the people in the job or work is changing. The correct address is necessary for many tasks. In such a situation, they have to face difficulties to change the address. This problem will be overcome by changing the RBI rules.