Reserve Bank Announces No need to visit the bank personally to provide KYC!!
Posted on: 06/Jan/2023 3:09:47 PM
The Reserve Bank of India has announced that there is no need for citizens to visit banks personally to provide `KYC` information (Know Your Customer)!
As explained above, KYC stands for `Know Your Customer`! It is the system of furnishing the basic personal information of the bank customer such as name, address, Aadhar Card Number, PAN number, etc.!
This KYC system ensures that there are no maloperations in the bank transactions! IT IS MANDATORY TO PROVIDE KYC WHILE OPENING AN ACCOUNT IN A BANK!
FURTHER, THIS KYC NEEDS TO UPDATE AT REGULAR INTERVALS FOR THE BANK TO BE AWARE OF THE LATEST PERSONAL DETAILS OF THEIR ACCOUNT HOLDER!
In this present scenario, the citizens/bank account holders needed to visit the banks personally to provide or update their KYC!
Reserve Bank of India has now come up with the information that the account holders NEED NOT PERSONALLY VISIT the BANK ANYMORE to provide KYC DATA!
Instead, they can send the details through E-Mail, SMS through cell phones, ATM Networking Banking, or through a letter!
This change has been brought about so that bank account holders to easily update their KYC data and also as per the Prevention of Money Laundering Act (PMLA)!
In case of a change of address, the citizens/bank account holders can inform this as a part of KYC data through the modes mentioned above – e-mail, etc. The bank, on receipt of the change of address, etc., will verify the same within 2 months. Further. in case proper documents are not available or the expiry of the given documents is, the banks can ask the account holder to provide/update the same!
Additional information is that the KYC details can also be provided/updated through video calls to the banks which have this remote media KYC facility.
RESERVE BANK OF INDIA HAS ALSO ADVISED THE CITIZENS/ACCOUNT HOLDERS TO REFER THIS DEVELOPMENT/FACILITY TO THEIR RESPECTIVE BANKS!
Until the last 31st of December, the customer needed to visit the banks personally for furnishing KYC data. As the information was that the accounts will be closed otherwise, reserve Bank of India Governor, Sasikantha Das ad observed that BANKS MUST NOT ASK FOR PERSONAL VISIT FOR KYC DETAILS!
The officially valid documents for furnishing KYC Personal Data are: Passport, Driving License, Aadhar card, Voter ID Card, ID card given for Mahatma Gandhi Rural Employment, and the letter given by the Registry of national Census.
