A letter on social media has created a spark. The letter shared on various social media handles states that SBI is forcing it’s employees to do KYC of customers without obtaining consent from customers. The letter has been sent to various government departments and has been shared anonymously. Read letter below 👇
Banks are required to update the customers’ KYC records as part of ongoing due diligence process to ensure that the information or data collected under CDD is kept up to date and relevant. The periodicity of such updation depends on the risk categorisation of the customer by the bank and such periodic updation of KYC records (at times referred to as re-KYC) shall be carried out at least once in every two years for high-risk, eight years for medium risk and ten years for low-risk customers. However, Bank may adopt any additional and exceptional measures as per its internal KYC policy which inter alia may require physical presence of the customer, periodic updation of KYC only in the branch of the bank where account is maintained, a more frequent periodicity of KYC updation than the minimum specified periodicity, etc.
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