Major relief in KYC updation in your bank account: RBI empowers BCs to update KYC

Reserve Bank of India has updated KYC norms. Banking correspondent (BC) can now update KYC. This includes NGOs, SHGs, MFIs and even local kirana shop owners. Customers can submit self-declarations through BCs. Banks must give three advance intimations for KYC updates. RBI aims to ease KYC updation and reduce service delays. Read below to know more about RBI's new KYC rules.