Regarding the KYC updates for bank account holders RBI has said that the banks should “organise camps and launch intensive campaigns” to deal with delays in periodic KYC updates, with a focus on smaller branches. The central bank has also cautioned the banks against mechanical rejections, stressing that onboarding or KYC-updation requests should not be turned down without due consideration and also to properly record the reasons for rejection. 

To counter cyber and operational incidents, RBI said it is working closely with other authorities, including the ministry of home affairs, to develop and operationalise measures aimed at curbing digital and cyber-enabled fraud while strengthening customer protection.On the aspect of miss-selling of financial products, the RBI report said mis-selling of financial products by regulated entities has “significant consequences” for customers and for the financial system more broadly and it plans to issue comprehensive instructions covering advertising, marketing and sales practices across different categories of regulated entities, with the explicit aim of preventing mis-selling.