RBI Proposes Simpler KYC Rules: No Document Resubmission For Minor Changes, Self-Declaration Enough

RBI Proposes Simpler KYC Rules: No Document Resubmission For Minor Changes, Self-Declaration Enough

RBI proposes new KYC guidelines to simplify onboarding and updates, enhancing convenience and reducing repetitive documentation. Public comments invited.

New KYC Rule: RBI will simplify KYC rules, there will be no need to submit documents again and again for small changes

The Reserve Bank (RBI) has proposed a major change in the ‘Know Your Customer’ guidelines. This will benefit new customers as well as old customers who want to update their identification i.e. make minor changes in it. Earlier, RBI had sought feedback from customers in this matter. This will make operations easier for financial institutions including banks and NBFCs. Customers will also benefit from this. It will be easy to make minor updates RB…

RBI New KYC Rule: Good news! Now updating KYC has become even easier, RBI changed the KYC rules, know new plan - Business League

Reserve Bank of India: To improve customer service, the Reserve Bank has put forward its point on the solution of problems related to KYC update and inoperative accounts. Reserve Bank of India: The Reserve Bank of India (RBI) on Friday proposed to change the rules of ‘Know Your Customer (KYC)’. Its purpose is to prevent money laundering. This will make it easier for millions of bank customers and beneficiaries of government schemes to update KYC…