RBI Proposes Draft Amendments to KYC Master Directions to Streamline Compliance. Banking & Finance | Dated: 31 May 2025 In May 2025, the Reserve Bank of India (RBI) released a draft circular titled "Updation/Periodic Updation of KYC - Revised Instructions," proposing amendments to the existing Know Your Customer (KYC) Master Directions (MD). 🎯 Key Highlights: - These proposed changes aim to streamline the KYC process, reduce compliance burdens, and enhance customer convenience, especially for low-risk individuals and beneficiaries of government welfare schemes. 💡 Other Important Facts: (i) Banks shall allow customers to update their KYC details at any branch, including non-home branches, to reactivate dormant or inoperative accounts. (ii) Upon customer request, banks may offer remote KYC updation through Video-based Customer Identification Process (V-CIP), subject to the availability of this facility within the respective bank. (iii) Banks may engage authorised Business Correspondents (BCs) to collect KYC documents and assist customers in reactivating inoperative accounts. 📚 Test Your Knowledge: Recently, which regulatory body released a draft circular titled “Updation/Periodic Updation of KYC - Revised Instructions”? Correct Answer: RBI 🚀 Quick Recap: