In a customer-friendly shift, the RBI has also allowed the use of Video-based Customer Identification Process (V-CIP) for such updates.
The extension comes as the Mumbai-based bank has launched the search for a new CEO and is engaging with global recruitment firms.
They also emphasised the need for the central bank to strengthen its supervisory mechanisms to detect such frauds early and effectively.
Public sector banks became the first to act on the RBI’s policy signal by promptly cutting their Repo Linked Lending Rates (RLLR).
The rate cut is part of the RBI’s strategy to stimulate economic growth by making borrowing more affordable for both consumers and businesses.
The Reserve Bank of India (RBI) has sent a bold signal with its sharpest rate cut in five years — a 50 basis point slash in the key policy rate, coupled with a phased 100 basis point cut in the cash reserve ratio.
Reacting to the announcement, the Jharkhand Consumer Product Distributors Association (JCPDA) said the timing of the cut is significant, especially as consumers continue to reel under the effects of inflation.
The foreign investors turned net sellers with a withdrawal of Rs 8,749 crore from the Indian equity markets in the first week of June triggered by renewed US-China trade tensions and rising US bond yields.
In a move set to ease the financial burden on millions of home loan borrowers, the Reserve Bank of India (RBI) has slashed the repo rate by 50 basis points to 5.5 per cent, marking the third consecutive rate cut in 2025.
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday announced that the Monetary Policy Committee (MPC) decided to reduce the policy repo rate by 50 basis points (bps) to 5.5 per cent.
