RBI Relaxes KYC Norms Till End Of Year: Here’s What Customers Should Know

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RBI Governor Shaktikanta Das announced several relief measures to tackle the COVID crisis

Amid the second wave of COVID-19 in the country and its induced restrictions in various states, the Reserve Bank of India (RBI) on Wednesday, May 5, directed banks and other regulated financial entities to not impose any punitive action against customers for failure to update KYC (know-your-customer) till the end of the year. RBI Governor Shaktikanta Das, in an unscheduled speech today, announced several relief measures to tackle the ongoing coronavirus crisis across the nation. (Also Read: RBI Says Loan Moratorium For Small Borrowers – See Who Qualifies )



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