**Summary:**
RBI Directive DOR.AML.REC 1314.01.001/2021-22, issued May 5, 2021, addresses the periodic updating of Know Your Customer (KYC) requirements for existing customers by Regulated Entities (REs) as mandated by Section 38 of the Master Direction on KYC dated February 25, 2016. In light of COVID-19 related restrictions, the directive advises REs not to impose restrictions on account operations for accounts where periodic KYC updating is due and pending as of May 5, 2021. This relaxation is granted until December 31, 2021, unless restrictions are warranted by other regulatory instructions, enforcement agencies, or courts of law. REs are also advised to continue engaging with customers to facilitate KYC updates during this period. The directive is issued by the Department of Regulation, Central Office of the Reserve Bank of India (RBI). Contact information for Prakash Baliarsingh, Chief General Manager, is provided: phone 022-22701203, fax 022-22701239, email cgmamlrbi.org.in, website www.rbi.org.in. The RBI also cautions the public against responding to fraudulent requests for personal information.
Key Entities Referenced
Reserve Bank of India: Regulatory body issuing the notification.
KYC: Know Your Customer guidelines, which are being addressed in the context of periodic updates.
COVID-19: The pandemic is cited as the reason for the extension of KYC update deadlines.
December 31, 2021: The deadline until which restrictions on account operations due to pending KYC updates are relaxed.
Section 38 of the Master Direction on KYC dated February 25, 2016: Refers to the section in the specified master direction related to KYC that mandates periodic updation of KYC of existing customers
Regulated Entities: Refers to the entities regulated by the Reserve Bank of India, who are the recipients of this notification.
Mumbai, Maharashtra: Location of the Central Office Building, Reserve Bank of India.
Prakash Baliarsingh: Chief General Manager at Reserve Bank of India, signing the notification.
RBI/2021-22/29
DOR. AML.REC 13/14.01.001/2021-22 May 5, 2021
The Chairpersons/ CEOs of all the Regulated Entities
Madam/Sir,
Periodic Updation of KYC –
Restrictions on Account Operations for Non-compliance
Please refer to Section 38 of the Master Direction on KYC dated February 25, 2016, in terms of
which Regulated Entities (REs) have to carry out periodic updation of KYC of existing customers.
Keeping in view the current COVID-19 related restrictions in various parts of the country, REs are
advised that in respect of the customer accounts where periodic updation of KYC is due and
pending as on date, no restrictions on operations of such account shall be imposed till December
31, 2021, for this reason alone, unless warranted under instructions of any regulator/ enforcement
agency/court of law, etc.
Regulated entities are also advised to continue engaging with their customers for having their
KYC updated in such cases.
Yours faithfully,
(Prakash Baliarsingh)
Chief General Manager
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: 022-22701203, : 022-22701239, - : cgmaml@rbi.org.in, : www.rbi.org.in
Department of Regulation, Central Office, Central Office Building, 13th Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001
Phone : 022-22701203, Fax : 022-22701239, E-mail : cgmaml@rbi.org.in, Website : www.rbi.org.in
"Caution: RBI never sends mails, SMSs or makes calls asking for personal information like bank account details, passwords, etc. It never keeps or offers funds to anyone. Please do not respond in
any manner to such offers."