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Informist, Thursday, Jun. 12, 2025

 

--RBI revises unclaimed deposit norms with immediate effect 

--RBI: Bks' authorised business correspondent can activate inoperative accts 
 

MUMBAI – The Reserve Bank of India Thursday said banks can use their authorised business correspondents to activate inoperative accounts. The central bank notified revised norms on inoperative accounts and unclaimed deposits in banks on Thursday, which are effective immediately.

 

The authorised correspondents have to adhere to know-your-customer norms, also notified Thursday. Self-declarations for no change in KYC information or change in only the address may be done with business correspondents, the RBI said. The bank must obtain supporting documents and the self declaration electronically or through a physical form, through the business correspondent. 

 

Correspondents will be responsible for authenticating the self-declaration and supporting documents, and sending them to the bank branch. The correspondents must also give the customer an acknowledgement of the declared or submitted documents. Ultimately, the bank must notify the customer when the KYC details are updated, and periodic updation is the bank's responsibility, the RBI said. 

 

The RBI also changed its wording around the video – customer identification process while activating inoperative accounts. The central bank said banks have to endeavour to provide the facility of KYC updation through video mode, in line with extant norms. Earlier, the RBI's regulations allowed updation through the video mode, but at the request of the customer and only if the bank offered the service.  End

 

Reported by Aaryan Khanna

Edited by Avishek Dutta

 

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