Overview

• Customers can now update KYC details using self-declarations for minor changes, such as address updates, without resubmitting documents.
• The RBI has instructed banks to accept these declarations through registered email, mobile numbers, ATMs, and online banking platforms.
• Aadhaar OTP-based e-KYC and Video-based Customer Identification Process (V-CIP) are now approved for periodic KYC updates.
• Accounts opened through non-face-to-face methods will be subject to strict monitoring, with due diligence required within a year.
• These changes address customer complaints about repetitive documentation and aim to reduce backlogs in benefit-transfer-linked accounts.