Banks can accept overseas-certified KYC documents from Foreign Portfolio Investors: RBI amends the Commercial Banks KYC Directions
RBI has amended paragraph 5(1)(v) of the Commercial Banks – Know Your Customer Directions, 2025. The option of taking an original certified copy of KYC documents — certified by an overseas bank branch, a notary abroad, a court magistrate, a judge or the Indian Embassy/Consulate — was available for NRIs and PIOs. It now also covers Foreign Portfolio Investors, with immediate effect from 18 September 2026.
Key facts
- In force
- 18 September 2026 (immediate effect)
- Who it affects
- Foreign Portfolio Investors, commercial banks doing KYC of FPIs, NRIs and PIOs
- Source
- RBI (Commercial Banks – Know Your Customer) Amendment Directions, 2026 dated 18 September 2026 ↗
- What it is
- Relief
- Section
- FEMA & RBI
- Published
- 18 September 2026
In 30 seconds
- The Reserve Bank of India (Commercial Banks – Know Your Customer) Amendment Directions, 2026 are dated 18 September 2026 (RBI/2026-27/257).
- They substitute paragraph 5(1)(v) — the definition of “Certified Copy” — in the KYC Directions, 2025.
- The alternative of an original certified copy, so far for NRIs and PIOs, is extended to Foreign Portfolio Investors (FPIs).
- Six certifying authorities are listed, including overseas branches of Indian scheduled commercial banks and a Notary Public abroad.
- The amendment came into force with immediate effect.
हिंदी में सार
RBI ने 18 सितंबर 2026 को Commercial Banks KYC Directions, 2025 के पैरा 5(1)(v) में बदलाव किया है। विदेश में प्रमाणित “original certified copy” लेने का जो विकल्प अब तक NRI और PIO के लिए था, वह अब Foreign Portfolio Investors (FPI) के लिए भी है। प्रमाणन भारतीय बैंकों की विदेशी शाखा, विदेश के Notary Public, Court Magistrate, Judge या भारतीय दूतावास/Consulate से हो सकता है। बदलाव तुरंत प्रभाव से लागू है।
Before and now
Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), as defined in FEMA 5(R).
NRIs, PIOs and Foreign Portfolio Investors (FPIs).
What the amendment does
The Reserve Bank of India (Commercial Banks – Know Your Customer) Directions, 2025, dated 28 November 2025, define what a “certified copy” means for KYC. By the Reserve Bank of India (Commercial Banks – Know Your Customer) Amendment Directions, 2026 dated 18 September 2026, RBI has substituted that definition — paragraph 5(1)(v).
RBI says the existing instructions were reviewed and it was decided to extend to Foreign Portfolio Investors (FPIs) a facility that was so far available to Non-Resident Indians and Persons of Indian Origin.
The general rule stays
For a bank, obtaining a certified copy means comparing the copy of the proof of possession of Aadhaar number (where offline verification cannot be carried out) or the officially valid document produced by the customer with the original. An authorised officer of the bank records that comparison on the copy.
The alternative route — now for FPIs too
In the case of NRIs and PIOs (as defined in the Foreign Exchange Management (Deposit) Regulations, 2016 — FEMA 5(R)) and now FPIs, the bank may alternatively obtain the original certified copy, certified by any one of the following:
| No. | Who can certify |
|---|---|
| (a) | Authorised officials of overseas branches of Scheduled Commercial Banks registered in India |
| (b) | Branches of overseas banks with whom Indian banks have relationships |
| (c) | Notary Public abroad |
| (d) | Court Magistrate |
| (e) | Judge |
| (f) | Indian Embassy / Consulate General in the country where the non-resident customer resides |
The list of certifying authorities is the one set out in the substituted paragraph; the amendment’s stated purpose is the addition of FPIs to the customers who can use it.
Legal basis and commencement
The amendment is issued under section 35A of the Banking Regulation Act, 1949, section 10(2) read with section 18 of the Payment and Settlement Systems Act, 2007, section 11(1) of the Foreign Exchange Management Act, 1999 and Rule 9(14) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. It came into force with immediate effect.
These amendment directions apply to commercial banks. The document itself does not deal with other categories of lenders.
What banks and FPIs should do
- Banks may accept, from an FPI, an original certified copy of the KYC document certified by any one of the six authorities, instead of comparing the copy with the original themselves.
- The route is optional (“may alternatively obtain”); the ordinary comparison-with-original method remains available.
- FPIs opening or updating accounts with commercial banks can get documents certified abroad through one of the listed authorities.
Questions and answers
What has RBI changed in the KYC Directions for commercial banks?
It has substituted paragraph 5(1)(v), the definition of “Certified Copy”, so that the alternative of obtaining an original certified copy — earlier for NRIs and PIOs — is also available in the case of Foreign Portfolio Investors.
Who can certify the KYC documents of an FPI abroad?
Any one of: authorised officials of overseas branches of Scheduled Commercial Banks registered in India; branches of overseas banks with whom Indian banks have relationships; a Notary Public abroad; a Court Magistrate; a Judge; or the Indian Embassy / Consulate General in the country where the non-resident customer resides.
From when does the change apply?
The Amendment Directions are dated 18 September 2026 and came into force with immediate effect.
Is the overseas certified copy mandatory for FPIs?
No. The paragraph says the bank “may alternatively obtain” it. The normal method — the bank comparing the copy with the original and an authorised officer recording the comparison — continues.
Published 18 September 2026. Updated 7 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.