RBI extends deadline for periodic KYC update by 3 months
RBI extends deadline for periodic KYC update by 3 months

The Reserve Bank of India (RBI) announced on Thursday that the deadline for banks to adopt periodic Know Your Customer (KYC) updates has been extended by three months, until March 31, 2022. The deadline has come to an end today.

In a circular, the central bank stated that the decision was made because to the widespread uncertainty caused by a new type of Covid-19. In India, the novel strain Omicron has infected over 900 people.

The RBI extended the periodic KYC deadline to December 31 in May, and instructed banks and other financial institutions not to impose any limits on such accounts’ operations. The instructions were delivered at the height of the coronavirus disease’s second wave (Covid-19), which was led by the Delta variety.

The RBI highlighted inflation and Omicron are important problems for the Indian economy in the latest edition of the Financial Stability Report (FSR), which was released on Wednesday.

The study included a Systemic Risk Survey (SRS), which evaluated all broad categories of financial system risks – global, macroeconomic, financial market, institutional, and general – as’medium’ in magnitude, but ranked global and financial market risks as greater.

“Major risks were identified as commodity prices, domestic inflation, equity price volatility, asset quality deterioration, credit growth, and cyber disruptions.”

In the second half of 2021, the global economic recovery has slowed due to resurfacing Covid-19 infections, the new variant Omicron, supply disruptions and bottlenecks, elevated inflationary levels, and shifts in monetary policy stances and actions across advanced and emerging market economies, according to the central bank.

The Financial Stability Report (FSR) is released every two years and contains inputs from all financial sector regulators. As a result, it reflects the Financial Stability and Development Council’s (FSDC-SC) subcommittee’s consensus evaluation of financial stability threats.

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