RBI eases KYC norms, allows banking correspondents to update details

The Reserve Bank of India has instructed banks and NBFCs to permit transactions for low-risk customers with pending KYC until June 30, 2026, provided reminders are sent. Self-declaration via banking correspondents is now allowed for unchanged KYC or address updates. Banks can update KYC for inactive accounts and unclaimed deposits across branches, including through video identification.