Periodic KYC update in bank account to become easier; RBI proposes new draft rules, allows time till June 30, 2026, to do KYC for these customers

KYC updation rules eased: The RBI has issued a draft comment on simplifying KYC rules. The proposed rules will make the bank customers' lives easier in case of periodic KYC updation requirements. The rules also propose the ease of onboarding first-time customers in the case of KYC. Read on to know the proposed rules.