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Informist, Wednesday, Nov. 6, 2024

NEW DELHI – The Reserve Bank of India has amended the master direction on the know-your-customer guidelines, allowing customers to open multiple accounts with the same entity without having to go through a fresh customer due diligence exercise again.  

As per the amended master direction, regulated entities shall apply the customer due diligence procedure at the unique customer identification code level. "Thus, if an existing KYC compliant customer of a RE (regulated entity) desires to open another account or avail any other product or service from the same RE, there shall be no need for a fresh CDD (customer due diligence) exercise as far as identification of the customer is concerned," the RBI said Wednesday.

The central bank has also changed the norms on customer due diligence procedure and sharing KYC information with the Central KYC Records Registry, in a bid to ensure that all KYC records are incrementally uploaded on to the records registry, the RBI said.

Whenever a regulated entity gets additional or updated information from any customer, it should report it within seven days to the Central KYC Records Registry. "CKYCR (Central KYC Records Registry) shall thereafter inform electronically all the reporting entities who have dealt with the concerned customer regarding updation of KYC record of the said customer," the RBI said.  End

Reported by Shubham Rana

Edited by Tanima Banerjee

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