Mumbai: The Reserve Bank of India (RBI) on Monday reiterated that until December 2021, the Bank could not freeze the account if the customer had not performed regular KYC updates (knowing customers).
The central bank said this while warning the public not to fall prey to fraud messages looking for bank details for the purpose of KYC renewal.
RBI said he had received complaints / reports about falling customers because of fraud done on behalf of KYC updates.
RBI asked the public not to share the main information such as account details or passwords with unknown people or institutions under the threat of freezing accounts.
Many customers have avoided branch visits during a pandemic, which has given cheats the opportunity to use KYC as an excuse to engage with customers.
“Ordinary modus operandi in such cases includes acceptance of unsolicited communication, such as, calls, SMS, email urgences to share certain personal details, account details / login / card information, PIN, OTP, etc.
or install some not Legitimate / install applications that are not verified for KYC updates using the link provided in communication, “he said.
RBI also said that it has made the KYC update process much simpler.
Instructions for simplified processes come behind the bank asking customers to fill several all-in-one document sheets only to get periodic proof of address and identity.
The central bank on Monday says that the NBFC system operator and payment that wants to get an E-KYC Aadhaar authentication license can send applications with the RBI.
In May 2019, the Ministry of Finance has come out with detailed procedures for application processing (under the PML Law) for the use of Aadhaar authentication services by entities other than banking companies.
“Therefore, non-banking finance companies (NBFC), payment system providers and payment system participants who wish to obtain aadhaar authentication licenses – License of the KYC User Agency (KUA) or sub-KUA license (to authenticate through KUA), which issued by KUA), issued by KUA), was issued by KUA), issued by KUA.
Uidai, can send their application to this department to subsequently submit to Uidai, “RBI said in a circle.
RBI also provides application format.