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KYC stands for Know Your Customer, which is a process that financial institutions use to verify the identity of their clients and to assess their potential risks for money laundering or financing terrorism.
In this case, the Reserve Bank of India (RBI) has stated that there is no need to visit a bank branch to update KYC. This means that customers can update their KYC information without physically visiting a bank branch.
There are several ways that customers can update their KYC information without visiting a bank branch, including:
Online portals: Many banks have online portals where customers can update their KYC information.
Mobile apps: Some banks have mobile apps that allow customers to update their KYC information.
Third-party agencies: Some banks may allow customers to update their KYC information through third-party agencies, such as credit bureaus or e-KYC providers.
It is important to keep your KYC information up to date to ensure that you are able to access financial services and to prevent fraud or other financial crimes. It is always a good idea to check with your bank to see what options are available for updating your KYC information.
