Lagatar24 Desk
New Delhi, Dec 30: The Reserve Bank of India (RBI) has delayed the deadline for periodic KYC updates till March 31 due to the uncertainty surrounding Omicron. It has encouraged banks and other regulated institutions not to take restrictive action against consumers until the financial year ends.
Because of the second wave of the coronavirus epidemic, the RBI had already extended the deadline for regulated firms to update their KYC till the end of December.
“In view of the prevalent uncertainty due to new variant of COVID-19, the relaxation provided in the … circular (relating to Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance issued in May) is hereby extended till March 31, 2022,” the RBI said on Thursday.
The RBI had recommended regulated businesses not to impose punitive restrictions on client account operations until December-end for failing to comply with KYC updation rules in May.
