Great Relief for Bank KYC, Now Banks will not be able to Stop the Transaction

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Bank KYC : The Reserve Bank of India (RBI) today announced a slew of new measures to ease KYC compliance by ‘knowing your customer’ and said that the bank did not stop the transaction till December 31 due to no KYC updates on transactions from any account.

Permission of video KYC facility

RBI Governor Shaktikanta Das said in a press conference today that now beneficiary owners of proprietorship firms, authorized signatory and statutory units will also be eligible for the video KYC facility.

Transactions will not be able to be stopped

Apart from this, banks are not able to stop transactions from any account till December 31 this year only because the KYC is not updated. Shri Das appealed to the customers to update their KYC during this period. Also, all types of digital channels have been allowed to update KYC.

ALso, Read This: Need a loan? You can avail of loans from the PPF account at only 1% interest, See Details

Electronic documents will also be valid for KYC

RBI Governor said that bank accounts opened on the basis of the Aadhaar card where customers and bank employees were not face-to-face were kept in the category of limited KYC accounts. Now all such accounts will fall into the full KYC compliant category. Electronic documents will also be valid for KYC. Identity documents issued from DigiLocker will also be considered valid identity cards.


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