The Reserve Bank of India has issued amendments to its Know Your Customer (KYC) directions for commercial banks to clarify which regulated entity is responsible for verifying customer identity and address when KYC records are uploaded to and downloaded from the Central KYC Records Registry (CKYCR). The amendments insert an explanation in paragraph 65 stating that the regulated entity that last uploaded or updated a customer’s KYC record in CKYCR is responsible for verifying the customer’s identity and or address, as applicable. A bank downloading and relying on current KYC records from CKYCR is not required to re-verify the authenticity of the customer’s identity and or address, provided the records are current and compliant with the Prevention of Money-Laundering Act, 2002 and related rules, while remaining responsible for all other aspects of customer due diligence and the KYC directions. The amendments take effect immediately.
Reserve Bank of India 2025-12-29
Reserve Bank of India amends commercial bank KYC directions to clarify verification responsibility for Central KYC Records Registry records
The Reserve Bank of India amended its Know Your Customer (KYC) directions for commercial banks, clarifying that the entity last updating a customer's KYC record in the Central KYC Records Registry (CKYCR) is responsible for verifying identity and address. Banks relying on current CKYCR records are exempt from re-verification, provided compliance with the Prevention of Money-Laundering Act, 2002, while remaining accountable for other due diligence aspects.