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Further relaxation in KYC procedure

The Reserve Bank has further relaxed the KYC norms stating self-certification of documents will be what is required for opening bank accounts. The central bank said in its monetary policy statement that with a view to easing difficulties faced by common persons while opening bank accounts and during periodic updating, guidelines on KYC will be further simplified with immediate effect. It said it has asked banks to ‘allow self-certification; accept a certified copy of the document by mail/post’ for account opening. Banks have also been asked not to seek fresh documents if an existing KYC compliant customer of a bank desires to open another account in the bank. For periodic updating of KYC, the RBI has advised banks not to insist on physical presence of the customer and also not seek fresh proof of identity and address in case of no change in status for ‘low risk’ customers. RBI also said banks should complete documentation, while minimising the effort on the part of the customer to what is strictly needed

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