The Reserve Bank of India (RBI) has extended an existing KYC documentation facility to Foreign Portfolio Investors (FPIs) dealing with cooperative banks, allowing them to submit original certified copies of KYC documents through specified overseas authorities.
The change was announced through separate amendments to the RBI’s KYC Directions for Urban Cooperative Banks and Rural Cooperative Banks on Friday, and has come into immediate effect.
Under the revised provision, FPIs, like NRIs and PIOs, may provide an original certified copy of the required document instead of the cooperative bank directly comparing the copy with the original.
The certification can be carried out by authorised officials of overseas branches of Scheduled Commercial Banks registered in India, eligible overseas banks having relationships with Indian banks, a Notary Public abroad, Court Magistrate, Judge, or the Indian Embassy/Consulate General in the country where the non-resident customer resides.
The RBI said the facility has been extended to FPIs following a review of the existing instructions.
