In reference 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 March 31, 2022, 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.
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