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KYC Updation Norms for Low-Risk Customers: RBI’s Revised Rules

13 June 20251 min read
BANKING & FINANCEKYC Updation Normsfor Low-RiskCustomers: RBI’sRevised Rules13 June 2025safalsetu.com

Why in the news

Periodic KYC updates were widely pending, especially in DBT and Jan-Dhan accounts, so the RBI issued revised norms for regulated entities with a firm compliance timeline.

About DBT

  • Subsidies and benefits go straight to beneficiaries’ bank accounts.
  • Removes intermediaries; reduces fraud and improves transparency and targeting.

About PMJDY

  • Launched 28 August 2014 by the Ministry of Finance, a major financial inclusion scheme.
  • Anyone without a bank account can open a Basic Savings Bank Deposit (BSBD) account at a branch or via a Bank Mitra.

Exam angle

  • PMJDY date: 28 August 2014; account type: BSBD.

Test yourself

1. On which date was the Pradhan Mantri Jan-Dhan Yojana (PMJDY) launched?

PMJDY began on 28 August 2014 under the Ministry of Finance.

2. Which type of account can anyone without a bank account open under PMJDY?

PMJDY allows a Basic Savings Bank Deposit (BSBD) account.

3. RBI's revised KYC norms mainly address pending periodic updation in which kinds of accounts?

The pendency was highlighted especially for DBT and PMJDY accounts.

This topic is part of Daily Current Affairs 13 June 2025 (15 topics).

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