RBI issues Press Release on Periodic Updation of KYC details of Customers


The Reserve Bank (RBI) has taken several measures to rationalise the KYC related instructions taking into account the available technological options for enhancing customers’ convenience). The process for the periodic updation of KYC (re-KYC) was simplified in May 2021. The RBI has now issued a press release dated 6th June 2022 encouraging individual customers get more information on the different options available to them from their bank for completing re-KYC or fresh KYC.

  • Re-KYC

Banks are mandated to keep their records up-to-date and relevant by undertaking periodic reviews and updations.

In case there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process.

The banks have been advised to provide facility for such self-declaration to the individual customers through various non-face-to-face channels. This can be facilitated through the following means:

  1. registered email-id,
  2. registered mobile number,
  3. ATMs,
  4. digital channels (such as online banking / internet banking, mobile application),
  5.  letter, etc.,

All of these can be undertaken without a need for a visit to bank branch.

Further, if there is only a change in address, customers can furnish revised / updated address through any of the above channels after which, the bank would undertake verification of the declared address within two months.

  • Fresh KYC

A fresh KYC process / documentation may be necessary in certain cases. Fresh KYC may also be needed where KYC documents available in bank records do not conform to present list of the Officially Valid Documents (viz., passport, driving license, proof of possession of Aadhaar number, the Voter’s Identity Card, job card issued by NREGA and letter issued by the National Population Register) or where the validity of the KYC document submitted earlier may have expired. In such cases, the banks are required to provide an acknowledgement of the receipt of the KYC documents / self-declaration submitted by the customer.

Fresh KYC process can be done in two ways:

  1. visiting a bank branch, or
  2. remotely through a Video based Customer Identification Process (V-CIP) (wherever the same has been enabled by the banks)

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