Quick Summary
The Reserve Bank of India (RBI) has invited public and stakeholder feedback on a draft circular proposing revised guidelines for the updation and periodic updation of Know Your Customer (KYC) details. This move aims to streamline and modernize the current KYC compliance framework laid down in the Master Direction - KYC, 2016. The draft, titled "Updation/Periodic Updation of KYC - Revised Instructions", seeks to amend paragraph 38 of the Master Direction on KYC, originally issued on February 2
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FAQ :
The RBI has issued draft guidelines to revise and simplify the instructions for updating Know Your Customer (KYC) details in bank accounts.
The RBI aims to enhance customer convenience, streamline the KYC process, and address a large pendency in periodic KYC updates, especially for accounts receiving government benefits and under the PMJDY scheme.
Public and stakeholder feedback on the draft circular must be submitted by June 6, 2025.
Comments can be submitted via the 'Connect 2 Regulate' section on the RBI website, by post to the Department of Regulation in Mumbai, or by email.
The draft suggests allowing Business Correspondents (BCs) to facilitate KYC updates and advises banks to organise campaigns, especially in rural and semi-urban areas, to help customers with periodic KYC.
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