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RBI Empowers BCs to Update KYC Details for Bank Account
The Morning Standard
|June 13, 2025
In a relief for bank accountholders, the Reserve Bank has empowered banking correspondents (BCs) to update the KYC details in one's bank account.
The RBI on Thursday issued relaxed guidelines on KYC updation by allowing banking correspondents including NGOs, SHGs, MFIs and even local kirana shop owners to do this job. Customers can submit self-declarations through BCs. Banks must give three advance intimations for KYC updates with a view to ease KYC updation and reduce service delays.
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