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Key Amendments Summary:

1. Low-risk individuals get more time – Transactions may continue, with KYC due within one year of the due date or by June 30, 2026—whichever is later. Accounts remain under regular monitoring.
2. Empowerment of Business Correspondents (BCs) – Authorized BCs can collect KYC self-declarations, via biometrics or in person, and submit them electronically or physically to banks. Banks must update records and notify customers once processed
3. Mandatory advance notices & reminders – Regulated Entities (REs) must issue at least three advance notices (one via letter) before KYC expiry, and three reminders (one via letter) if due date passes. Communication should explain instructions, escalation mechanisms, and possible consequences; implementation deadline is Jan 1, 2026
   Why this matters:
   • Simplifies KYC for low-risk customers and those in underserved regions
   • Strengthens financial inclusion by leveraging BC networks Reinforces compliance by ensuring proactive communication.
   For details, please refer to the Master Direction attached