RBI extends deadline for periodic KYC update till March 31

The Reserve Bank of India (RBI) has extended the last date for periodic KYC update till March 31, amid Omicron uncertainties and has advised banks and other regulated entities not to take restrictive action against customers till the fiscal end.

Earlier in May, the RBI had extended the last date for updation of KYC by regulated entities till December-end because of the second wave of the coronavirus pandemic.

”In view of the prevalent uncertainty due to new variant of COVID-19, the relaxation provided in the … circular (relating to Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance issued in May) is hereby extended till March 31, 2022,” the RBI said on Thursday.

In May, the RBI had advised the regulated entities not to impose punitive restriction on operations of accounts of customers for their failure to comply with the KYC updation norms till December-end.