With reference to Reserve Bank of India (Know Your Customer (KYC)) (Amendment) Directions, 2025, what do you know about the following concepts ? Use of Business Correspondents (BCs) by banks for updation/periodic updatio

The following is the process of use Business Correspondent (BC) by banks for updation / periodic updation of KYC: The bank shall obtain the self-declaration including the supporting documents, if required, in the electronic mode from the customer through the BC. After successful biometric based e-KYC authentication. Until an option is made available in the electronic mode, such declaration may be submitted in physical form by the customer. The BC shall authenticate the self-declaration and supporting documents submitted in person by the customer, and promptly forward the same to the concerned bank branch. The BC shall provide the customer an acknowledgment of receipt of such declaration / submission of documents. The bank shall update the customer's KYC records and intimate the customer once the records get updated in the system, as required.