RBI has amended KYC Circular for Benefit of PwDs
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The Reserve Bank of India (RBI) has amended KYC Circular to make KYC process smooth for Persons with Disabilities (PwDs). Recently, The Supreme Court of India has released its order in case of Pragya Prasun vs Union of India and Amar Jain vs Union of India. The Court has asked the Government of India and RBI to modify rules so that PwDs can easily complete their KYC process.
Click here to read Pragya Prasun vs Union of India Case
Amendments in RBI KYC Circular
(i) In paragraph 1, the following words shall be inserted after sub-para 1(b), namely: –
“1(c) The Frequently Asked Questions (FAQs) on KYC may be accessed at the following link – Reserve Bank of India – Frequently Asked Questions (rbi.org.in).”.
(ii) In paragraph 11, after the word “disadvantaged”, the following words shall be inserted, namely: –
“including the Persons with Disabilities (PwDs). No application for onboarding or periodic updation of KYC shall be rejected without application of mind. Reason(s) of rejection shall be duly recorded by the officer concerned.”
(iii) In paragraph 14, after the word “relationship”, the following words shall be inserted, namely: –
“or while carrying out occasional transaction of an amount equal to or exceeding rupees fifty thousand, whether conducted as a single transaction or several transactions that appear to be connected, or any international money transfer operations”
(iv) In Explanation 2 of paragraph 16, after the word “authentication”, the following words shall be inserted, namely: –
“including Aadhaar Face Authentication”
(v) In paragraph 18 (b) (i), after the words “upon it.” The following words shall be inserted, namely: –
“The liveness check shall not result in exclusion of person with special needs.”
(vi) In the Appendix,
a. the following shall be inserted after serial number 205, namely: –
“205A. DNBS. (PD). CC.164/03.10.042/2009-10 dated November 13, 2009”; and
b. the following shall be inserted after serial number 206, namely: –
“206A. DNBS. (PD). CC.No.171/03.10.42/2009-10 dated April 23, 2010”.
Click here to download RBI KYC Master Circular PDF
