{"id":1241408,"date":"2023-01-09T10:24:28","date_gmt":"2023-01-09T04:54:28","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1241408"},"modified":"2023-01-09T10:25:06","modified_gmt":"2023-01-09T04:55:06","slug":"big-kyc-update-you-dont-need-to-visit-bank-branch-for-kyc-video-based-kyc-approved-for-all-bank-customers","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/big-kyc-update-you-dont-need-to-visit-bank-branch-for-kyc-video-based-kyc-approved-for-all-bank-customers\/","title":{"rendered":"Big KYC Update: You Don&#8217;t Need To Visit Bank Branch For KYC; Video Based KYC Approved For All Bank Customers!"},"content":{"rendered":"\n<p>Bringing the most awaited change in KYC process on Thursday, the Reserve Bank of India said a <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/rbi-says-fresh-kyc-process-can-be-done-remotely-via-video-customer-identification-process-9818091.html\/amp?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">fresh KYC process<\/a> can be done by visiting a bank branch or remotely through a Video-based Customer Identification Process.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-8-2-1-1280x720-1-1024x576.jpeg\" alt=\"Big KYC Update: You Don't Need To Visit Bank Branch For KYC; Video Based KYC Approved For All Bank Customers!\" class=\"wp-image-1241440\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-8-2-1-1280x720-1-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-8-2-1-1280x720-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-8-2-1-1280x720-1-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-8-2-1-1280x720-1.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Visiting Bank Branch Of KYC Is Not Mandatory<\/strong><\/h2>\n\n\n\n<p>The RBI said, &#8220;Fresh KYC process can be done by visiting a bank branch, or remotely through a Video based Customer Identification Process (V-CIP) (wherever the same has been enabled by the banks), as provided in Section 18 of the Master Direction on KYC,&#8221; in a statement.<\/p>\n\n\n\n<p>The central bank of the country said that customers do not need to visit their bank\u2019s branch to update \u2018know your customer\u2019 (KYC) details if they have already submitted valid documents and not changed their address.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Self Declaration Through Other Channel<\/strong><\/h2>\n\n\n\n<p>In fact, the customers now can submit a self-declaration through email, phone, ATM, netbanking, or a letter.<\/p>\n\n\n\n<p>It seems that the banking regulator has made these changes in order to make it convenient for customers to update KYC details, which is needed to comply with the Prevention of Money Laundering Act (PMLA), 2002.<\/p>\n\n\n\n<p>If the consumers have to apply for the address change then they&nbsp; can submit the updated address through the remote channels, which can be verified by the banks within two months time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Need Of Fresh KYC<\/strong><\/h2>\n\n\n\n<p>It is noteworthy here that the banks may ask for a fresh KYC process if their records don\u2019t have the correct documents or if they have expired.<\/p>\n\n\n\n<p>Besides this, the consumers can also complete a fresh KYC process through video call in banks that provide this facility.&nbsp;<\/p>\n\n\n\n<p>For more details, the customers can contact their banks to know more about the options available for updating KYC details, RBI said.&nbsp;<\/p>\n\n\n\n<p>Further adding that they have taken measures to rationalize KYC-related instructions, considering the available technological options for enhancing customers\u2019 convenience within the law.<\/p>\n\n\n\n<p>Please note here that a fresh KYC process needs to be undertaken only when the documents in bank records do not conform to the current list of \u2018officially valid documents\u2019.&nbsp;<\/p>\n\n\n\n<p>In a different scenario, a fresh KYC will be required if the validity of the document submitted earlier has expired.&nbsp;<\/p>\n\n\n\n<p>The process guidelines also indicate that the banks need to acknowledge receipt of KYC documents\/ self-declaration submitted by customers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>No Insist On Branch Visit<\/strong><\/h2>\n\n\n\n<p>Regarding the branch visit, the RBI governor Shaktikanta Das had clarified in a post-policy press conference that banks should not insist on branch visits during December.&nbsp;<\/p>\n\n\n\n<p>This clarification came into picture when many customers said their banks were asking them to visit the branch for KYC before December 31, 2022.&nbsp;<\/p>\n\n\n\n<p>Basically, this KYC demand had led to fears that accounts may be frozen if customers do not visit the branch.<\/p>\n\n\n\n<p>For the unawares, the officially valid documents include passport, driving license, Aadhaar, voter ID, job card issued by MGNREGA and letter issued by the National Population Register.<\/p>\n\n\n\n<p>In case there is no change in the KYC then a self-declaration from the individual customer is sufficient to complete the re-KYC process, said the RBI in a release.<\/p>\n\n\n\n<p>RBI said, \u201cBanks have been advised to provide a facility of such self-declaration to the individual customers through various non-face-to-face channels,\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bringing the most awaited change in KYC process on Thursday, the Reserve Bank of India said a fresh KYC process can be done by visiting a bank branch or remotely through a Video-based Customer Identification Process. Visiting Bank Branch Of KYC Is Not Mandatory The RBI said, &#8220;Fresh KYC process can be done by visiting [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1241440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[86,491],"class_list":["post-1241408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-kyc","tag-video-kyc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Big KYC Update: You Don&#039;t Need To Visit Bank Branch For KYC; Video Based KYC Approved For All Bank Customers! - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/big-kyc-update-you-dont-need-to-visit-bank-branch-for-kyc-video-based-kyc-approved-for-all-bank-customers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big KYC Update: You Don&#039;t Need To Visit Bank Branch For KYC; Video Based KYC Approved For All Bank Customers! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Bringing the most awaited change in KYC process on Thursday, the Reserve Bank of India said a fresh KYC process can be done by visiting a bank branch or remotely through a Video-based Customer Identification Process. 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