The Reserve Bank of India (RBI) has extended the deadline for mandatory periodic updating of customer KYC by regulated entities till March 31, 2022.
As per the circular dated May 5, 2021, regulated entities were asked not to ban the operation of non-updated accounts till December 31 due to the pandemic. This exemption has been extended for three months.
“In view of the prevailing uncertainty due to the new version of COVID-19, the relaxation given in the above circular has been extended up to March 31, 2022,” RBI said on Thursday. Failure by the regulated entities to periodically update the KYC of existing customers, the accounts will not be allowed to operate.
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