RBI amends KYC Directions clarifying that the responsibility of verification of identity/address will lie with the RE that has last uploaded/updated the customer’s KYC records in CKYCR

The Reserve Bank of India (“RBI”), has issued Reserve Bank of India (Non-Banking Financial Companies – Know Your Customer) Amendment Directions, 2025 (“Amendment”) to further amend the Reserve Bank of India (Non-Banking Financial Companies – Know Your Customer) Directions, 2025 (“Principal Directions”). The Amendment will come into force with immediate effect.

The Amendment inserts the following explanation under paragraph 63 (sharing KYC information with Central KYC Records Registry (CKYCR)) of the Principal Directions:

“Explanation: The RE that has last uploaded or updated the customer’s KYC records in the CKYCR shall be responsible for verifying the identity and / or address of the customer, as applicable. Accordingly, any NBFC downloading and relying on such records from the CKCYR shall not be required to re-verify the authenticity of the customer’s identity and / or address, provided the KYC records downloaded from CKYCR are current and compliant with the PML Act, 2002 / PML Rules, 2005. The NBFC downloading and relying on KYC records downloaded from the CKCYR shall remain responsible for all aspects of CDD procedure and provisions of these Directions, except verification of identity and / or address of the customer.”

Source: Reserve Bank of India