RBI Extends The KYC Update Deadline Till March 31

RBI extends the KYC update deadline till March 31, banks will not take action against customers.

The Reserve Bank of India (RBI) has extended the last date for regular KYC (Know Your Customer) updates for banks and other regulated institutions till March 31, 2022.

Along with this, RBI has also advised financial institutions not to take any action regarding updating KYC against customers till the end of the current financial year 2021-22.

The central bank has done this in view of the uncertainty surrounding the new form of coronavirus, Omicron.

The RBI said on Thursday, “In view of the uncertainty regarding the new form of Covid-19, Omicron.

The period of the circular issued in May to March 31, regarding the restrictions on regular KYC updating and non-compliance on transactions from the respective account.”, is being extended till 2022.

RBI extends the KYC update deadline: December 31st was the earlier deadline.

Earlier, the RBI had extended the last date for updating KYC for regulated entities till the end of December in view of the second wave of the COVID-19 pandemic.

RBI in May had prohibited regulated institutions from taking any action against customers till December-end for non-compliance of KYC updating norms.

RBI warns again on cryptocurrencies, said – private cryptocurrencies can create obstacles in the fight against terrorism.

The concern of the Reserve Bank of India (RBI) regarding cryptocurrencies has once again come to the fore. The central bank’s stance in the Quarterly Financial Stability Report is more serious than ever.

The central bank has specifically identified private cryptocurrencies as an obstacle to action against illegal cross-border financial transactions or terrorist activities.

This warning of RBI may further alert the central government, which is already taking steps regarding cryptocurrencies.

The government was preparing to introduce a bill on cryptocurrencies in the current winter session, but it was postponed at the last minute.

RBI has cited a research report by the Financial Action Task Force (FATF) to say that anonymous cryptocurrencies are posing a threat to the entire ecosystem.