Deadline for periodic KYC update extended till 31 March, 2022: RBI

Dec. 30: The Reserve Bank of India (RBI) on Thursday extended the deadline for periodic Know Your Customer (KYC) update from 31 December, 2021 to 31 March,2022. RBI stated that “the relaxation was provided in view of the prevalent uncertainty due to the new variant of Covid-19.” It needs mention here that regulated entities needs to carry out periodic updation of KYC of existing customers. Accounts failing to comply are subject to restrictions on operations.