KYC Update Streamlining by Reserve Bank of India
The question asks to identify the Indian bank that initiated streamlined Know Your Customer (KYC) updates, including video identification and empowering Business Correspondents (BCs), on 12 June 2025.
- Key Event: Policy change for KYC updates.
- Date: 12 June 2025.
- Specifics: Introduction of video-based identification and role for Business Correspondents.
- Options: Commercial banks and the central bank.
Regulatory Role in Banking Policy
The Reserve Bank of India (RBI) functions as the central bank and the primary regulator of the Indian banking system. It is responsible for setting policies and issuing guidelines related to banking operations, customer identification (KYC), and technological advancements.
Introducing new methods like video KYC and defining the operational scope for entities such as Business Correspondents are typically policy decisions driven by the central regulatory authority.
Commercial banks, including the State Bank of India, Bank of India, and Indian Bank, are mandated to implement the regulations set forth by the RBI.
Therefore, the entity taking such a progressive step to streamline KYC processes nationwide is the Reserve Bank of India.
Correct Answer: Reserve Bank of India
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