Banking System: Good news for bank customers! Now it is easy to restart a closed bank account, RBI has issued new instructions

RBI has issued new instructions for getting KYC done for a closed bank account. RBI issued new rules and instructions on Thursday, according to which, now customers will not need to go to the same branch of the bank from where they have opened the bank account to get KYC done for their bank account.

The Reserve Bank of India (RBI) has issued new instructions for getting the KYC of a closed bank account done, which will make it even easier to get the KYC of a bank account done. RBI issued new rules and instructions on Thursday, according to which, now customers will not need to go to the same branch of the bank from where they have opened the bank account to get the KYC of their bank account done. Now customers can go to any branch of the bank to get the KYC of their closed bank account done.

Bank account KYC has become easier

According to the new RBI rule, now bank customers can also do KYC of their closed bank account through video call. This process of doing KYC is called video-customer identification process. This facility is very beneficial for the elderly, NRIs and people of rural areas.

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Transactions will be done without KYC

According to RBI instructions, now banking correspondents are allowed to do update or periodic update of KYC. RBI said in its instructions that banks will have to inform the customers at least once by letter and at least three advance notices to comply with the KYC update process. Apart from this, banks will now have to allow all transactions to low-risk customers, even if KYC is pending. All customers have been given time till June 30, 2025 to update their KYC.

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The post Banking System: Good news for bank customers! Now it is easy to restart a closed bank account, RBI has issued new instructions first appeared on informalnewz.

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