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.

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.

Mean-while, Reserve Bank of India Governor Shaktikanta Das on May 5 announced a Rs 50,000-crore on-tap liquidity facility to ramp up health infrastructure and additional loan restructuring schemes amid a series of measures to help the financial services industry tide over the second coronavirus wave that threatens economic recovery.

Restructuring below the proposed framework could also be invoked as much as up September 30 and shall need to be carried out inside 90 days thereafter, Mr Das stated.

“Resurgence of Covid-19 pandemic in India in current weeks and the related containment measures adopted at native and regional ranges have created new uncertainties and impacted the nascent financial revival that was taking form. On this surroundings, essentially the most susceptible class of debtors are particular person debtors, small companies and MSMSEs,” RBI Governor Shaktikanta Das stated in a speech.