RBI extends KYC deadline to March 31

The Reserve Bank of India (RBI) extended the deadline for mandatory periodic updation of customer KYC by regulated entities till March 31, 2022.

As per a May 5, 2021 circular, regulated entities were asked not to impose restrictions on operations of non-updated accounts till December 31 due to the pandemic. This relaxation has been extended by three months.

“In view of the prevalent uncertainty due to new variant of COVID-19, the relaxation provided in the aforementioned circular is hereby extended till March 31, 2022,” the RBI said on Thursday. Failure by regulated entities to carry out periodic updation of KYC of existing customers, the accounts would not be allowed to operate.

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