Under amendments issued, FPIs can now submit an original certified copy of their KYC documents instead of having the bank compare the copy with the original in person. The facility was already available to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).
The change applies to both rural co-operative banks and urban co-operative banks and has come into effect immediately.
Under the amended KYC directions, the certified copy submitted by an FPI can be certified by an authorised official of an overseas branch of a scheduled commercial bank registered in India, a branch of an overseas bank that has a relationship with an Indian bank, or by a notary public abroad, court magistrate, judge, or the Indian Embassy/Consulate General in the country where the non-resident customer resides.
The RBI’s existing KYC framework requires banks to compare copies of Aadhaar possession proof, where offline verification is not possible, or other officially valid documents with the original and have an authorised officer record the comparison.
The September 18 amendments modify this requirement by extending the alternative certification facility to FPIs. The RBI said the directions were issued under the provisions of the Prevention of Money Laundering Act, 2002, and the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
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First Published: Sept 21, 2026 11:23 AM IST