The Reserve Bank of India (RBI) has issued a draft circular titled Updation/Periodic Updation of KYC – Revised Instructions, which includes the draft Reserve Bank of India (Know Your Customer (KYC)) (Amendment) Directions, 2025. The RBI is inviting feedback from the public and stakeholders on the proposed amendments until June 6, 2025.
Key provisions in the draft mandate banks to facilitate KYC updation at all branches, including the customer’s home branch. Additionally, banks must offer video KYC as an alternative for customers who are unable to visit in person. These measures are intended to streamline the process of restoring access to inoperative accounts and claiming unclaimed deposits.