As part of the second Covid-19 wave, the Reserve Bank of India (RBI) has asked banks and other regulated financial institutions not to impose any punitive restrictions on customers who fail to update their KYC until December 31, 2021.
The Reserve Bank of India has also agreed to extend the scope of video KYC, also known as V-CIP (video-based customer identification process), to new types of customers.
The RBI has also agreed to broaden the reach of video KYC (know-your-customer) or V-CIP (video-based customer recognition process) to include new types of customers such as sole proprietorships, authorized signatories, and beneficial owners of legal entities.
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“In light of the COVID-related restrictions in various parts of the country, Controlled Entities are being advised that no punitive restrictions on customer account(s) operations will be enforced until December 31, 2021,” RBI Governor Shaktikanta Das said while announcing measures to combat the COVID pandemic.
In his speech, Das emphasized the RBI’s “war readiness” to ensure that financial conditions remain favorable and markets function effectively.
The governor, who announced a slew of initiatives in the wake of the COVID-19 pandemic’s second wave, also stated that the central bank will remain vigilant throughout the year, taking small and large steps to address the emerging situation.
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