Mumbai: Reserve Bank of India (RBI) has extended the last date for periodic KYC updates until March 31, amid omicron uncertainty and has suggested other regulated banks and entities not to take restriction action against customers until the end.
Previously in May, the RBI had extended the last date for KYC updates with the entity set to the end of December because of the second wave of Coronavirus pandemic.
“Given the uncertainty that is common because the new variant of Covid-19, relaxation provided in …
circular (related to periodic renewal of KYC – limit on non-compliance operations issued in May) with this extended until March.
31, 2022,” said RBI on Thursday.
In May, the RBI has suggested a regulated entity not forcing the restrictions on the customer’s account operations for their failure to comply with KYC update norms until the end of December.
RBI expands the deadline for periodic KYC updates until March 31
