Now Reading: CKYC 2.0 re-verification troubles NRIs, banks yet to adapt
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CKYC 2.0 re-verification troubles NRIs, banks yet to adapt
Non-Resident Indians are facing difficulties with CKYC 2.0 re-verification, launched on August 1, 2026, which requires banks to use DigiLocker and OTP-based consent to fetch data from the central registry via a…
Non-Resident Indians are facing difficulties with CKYC 2.0 re-verification, launched on August 1, 2026, which requires banks to use DigiLocker and OTP-based consent to fetch data from the central registry via a 14-digit ID. Many NRIs lack an active Indian SIM card to receive the OTP, and bank customer care is often unhelpful, directing them to visit branches in person with notarised documents.
m9.news reports that SEBI has eased re-KYC requirements for NRIs by not requiring physical presence in India, but many banks have not yet adopted the new system, forcing NRIs to either reactivate Indian numbers or give family members a Power of Attorney, both difficult processes. Meanwhile, Times of India explains that KYC is a legal safeguard under the Prevention of Money Laundering Act, and ignoring updates can lead to account closure after due notice.
The Reserve Bank of India also warns customers against fraudulent SMS and email links claiming to facilitate KYC updates. Banks must notify customers in advance of deadlines and send reminders before any action is taken.
Indian Opinion Analysis
m9.news frames CKYC 2.0 as a 'headache' for NRIs, focusing on SIM and OTP failures and unhelpful bank staff, while Times of India provides a neutral legal explainer on KYC rules and penalties. The critical framing overstates systemic failure, whereas the neutral one omits the specific NRI grievance. The balanced reading: banks must operationalise the eased SEBI norms for NRIs, or the verification gap will persist. The RBI's draft KYC Amendment Directions, 2026, seeking public comment, could clarify bank obligations.
The tribunal hears the appeal on 12 September
Coverage: 2 sources, 1 neutral, 1 sensationalist
Sources (2): m9.news (sensationalist), timesofindia.indiatimes.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry.
Updated: this story now draws on 2 sources.
