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RBI extended requirement of updating KYC information till 31 March 2022 taking into account the prevailing uncertainty around new omicron variant.
The Reserve Bank of India on Thursday has extended the mandatory requirement of updating KYC information periodically by three months to 31 March 2022. The relaxation has been given taking into account the prevailing uncertainty around the new omicron variant. “In view of the prevalent uncertainty due to the new variant of Covid-19, the relaxation provided in the aforementioned circular is hereby extended till March 31, 2022,” the central bank said in a notification on Thursday.
Earlier in May, when the second wave of COVID-19 had hit the country and several states mandated lockdowns, RBI had given customers an extension to update their KYC information till 31 December 2021. The extension was given so that banks, and other regulated entities do not put restrictions on account holders for cash deposits, or withdrawals.
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