Mumbai: Reserve Bank of India (RBI) has extended the last date for Periodic KYC Updates till 31st March omicron uncertainties and advised banks and other regulated entities not to take preventive action against customers till the financial end. Earlier in May, reserve Bank of India The last date for updating was extended KYC regulated entities by the end of December due to the second wave of coronavirus global pandemic,
“In view of the prevailing uncertainty due to the new version of COVID-19, … the relaxation given in the circular (regarding periodic updating of KYC – Restrictions on account operations for non-compliance issued in May) has been extended till March 31, 2022,” RBI said on Thursday.
In May, the RBI had advised regulated entities not to impose punitive restrictions on operations of customers’ accounts for failure to comply with KYC updation norms by the end of December.
“In view of the prevailing uncertainty due to the new version of COVID-19, … the relaxation given in the circular (regarding periodic updating of KYC – Restrictions on account operations for non-compliance issued in May) has been extended till March 31, 2022,” RBI said on Thursday.
In May, the RBI had advised regulated entities not to impose punitive restrictions on operations of customers’ accounts for failure to comply with KYC updation norms by the end of December.
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