India, May 24 -- According to the draft amendments, the RBI instructed that a self-declaration shall be obtained from the customer in case there is no change in KYC information or a change is made only in the address. It says that banks can enable a business correspondent for recording self-declarations and the supporting documents in electronic form in the bank's system. If the electronic mode is not available, the BC should authenticate the self-declaration and forward it to the bank.

Additionally,the BC should provide the customer with an acknowledgement of receipt of such declaration /submission of documents. Customers who are categorised as low-risk will be allowed to transact for one year after failing to update KYC or up to 30 Jun...