The Reserve Bank of India on 5th May 2021 has announced the rationalisation of compliance to Know Your Customer (KYC) norms. As per the earlier notification, the Regulated Entities (REs) where directed to carry out periodic updation of KYC of existing customers.
However due to current covid-19 related restrictions in various parts of the country, REs are advised that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no restrictions on operations of such account shall be imposed till December 31, 2021, for this reason alone, unless warranted under instructions of any regulator/ enforcement agency/court of law, etc.
