RBI releases draft circular on Periodic Updation of KYC

Reserve Bank of India has released the draft circular on Updation/ Periodic Updation of KYC - Revised Instructions which encloses the draft Reserve Bank of India (Know Your Customer (KYC)) (Amendment) Directions, 2025 modifying the aforementioned instructions. The comments on the draft Amendment Directions are invited from the public/ stakeholders till June 6, 2025. The draft proposal mandates that banks provide KYC updation facilities at all branches, including the customer's home branch. In addition, banks must offer video KYC as an alternative for those unable to visit in person. These measures aim to simplify the process of regaining access to inoperative accounts or claiming unclaimed deposits.

Powered by Capital Market - Live News