RBI brings major changes in KYC rules in new year, know what to do now – mssewb.org

Many times customers have to face problems while doing KYC. Many do not know where to go to get KYC for any job. Many times the KYC center is far away from the customer’s home. Keeping all these problems in mind, the Reserve Bank of India has given good news to the customers.

From now on, customers can get KYC done at home for various tasks. bank account, demat account or insurance policy; KYC of everything can be done at home. Customers can complete their KYC related tasks through Video KYC.

In a statement, the Reserve Bank said, if there is no change in KYC, the customer can give consent himself. He does not have to go to any office for that. In this regard banks have been directed to introduce ‘self declaration’ system for the benefit of customers.

The Reserve Bank also said, from now on ‘Know Your Customer’ or KYC can be done by video or by visiting the branch. Over the past few days, the central bank has received several complaints about messages sent by banks to consumers. Banks are forcing customers to return to the branch for KYC.

Some customers have also complained that they have submitted multiple documents online. But even then digital re-KYC cannot be processed through banks’ websites and mobile applications. The Reserve Bank took this step after that. The guidelines have already reached the banks.

According to the new system, banks will have to look at the various ways in which customers can submit documents for re-KYC. Customers will have the option to self-declare through non-face-to-face channels. Besides, they can also do this by submitting the documents at the bank branch or through V-CIP.

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