RBI/2016-17/177
DBR.AML.BC.47/14.01.01/2016-17
December
8, 2016
All Regulated Entities
Dear Sir/Madam,
Amendment
to Master Direction on Know Your Customer
In exercise of the powers
conferred under Section 35A of the Banking Regulation Act, 1949, it has
been decided to make certain amendments to the Master Direction on Know Your Customer (KYC). The two major
changes being notified are as under:
i.
It has
been decided to allow One Time Pin (OTP) based e-KYC subject to certain
restrictions
ii.
All
Scheduled Commercial Banks (SCBs) are required to invariably upload the KYC
data pertaining to all new individual accounts opened on or after January
1, 2017, with Central KYC Records Registry. SCBs are, however, allowed time
upto February 1, 2017 for uploading date in respect of accounts opened during
January 2017. REs other than SCBs are to upload the KYC data pertaining to
all new individual accounts opened on or after from April 1, 2017, with
CKYCR.
Apart from the above, certain
other modifications/clarifications to the existing instructions have also
been included in the notification as per the notification
No. DBR.AML.BC. No. 18/14.01.001/2016-17 dated December 8, 2016.
Yours faithfully
(Lily Vadera)
Chief General Manager
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