The Reserve Bank of India issued amendment directions for payments banks’ know your customer (KYC) requirements 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 into paragraph 65 to specify that the regulated entity that last uploaded or updated a customer’s KYC record in CKYCR bears responsibility for verifying the customer’s identity and or address, as applicable. A bank that downloads and relies on those CKYCR records 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 the related rules. The downloading bank remains responsible for all other aspects of customer due diligence (CDD) and compliance with the directions. The amendment directions take effect immediately.
Reserve Bank of India 2025-12-29
Reserve Bank of India amends payments banks KYC directions to make the last CKYCR uploader responsible for identity and address verification
The Reserve Bank of India amended KYC requirements for payments banks, clarifying that the entity last updating a customer's KYC record in the Central KYC Records Registry is responsible for verifying identity and address. Banks downloading these records are exempt from re-verification if records are current and compliant with the Prevention of Money-Laundering Act, 2002, but must ensure all other customer due diligence and compliance.