Business

Video KYC: Any Branch Updates Now Permitted for Dormant Bank Accounts

Published

7 months ago

June 15, 2025

In a pivotal step towards making the reactivation of dormant bank accounts and claiming unclaimed deposits more accessible, the Reserve Bank of India (RBI) has released a new circular that relaxes Know Your Customer (KYC) requirements.

According to the circular, customers can now update their KYC details at any bank branch, including those outside their home branch, to reactivate inactive accounts and access unclaimed deposits. In a notable customer-centric initiative, the RBI has also approved the use of Video-based Customer Identification Process (V-CIP) for these updates.

“Banks shall aim to facilitate KYC updates in such accounts and deposits through the Video-Customer Identification Process (V-CIP),” states the RBI circular.

In another significant reform, Banking Correspondents (BCs), who serve remote and underserved areas, have been formally authorized to assist with periodic and updated KYC processes. These correspondents often operate through kirana stores, NGOs, self-help groups (SHGs), and microfinance institutions (MFIs).

Customers who have not changed their KYC information or have only updated their address can now submit self-declarations through BCs. These declarations may be submitted electronically or in physical form, including biometric-based e-KYC authentication.

The RBI has also reinforced that banks are required to transfer unclaimed deposits or inactive accounts older than ten years to the Depositor Education and Awareness (DEA) Fund.

Furthermore, the RBI announced that low-risk accounts with pending KYC updates will not experience service disruptions until June 30, 2026. Banks must send at least three notifications, including one physical letter, before taking any action due to non-compliance.

This initiative is expected to greatly enhance financial inclusion and customer convenience, particularly in rural and remote regions, by dismantling geographical and procedural barriers.

Business

Gold Prices Edge Up in India on January 19, 2026

Published

5 days ago

January 19, 2026

Namma Kudla

Gold prices in India recorded a slight increase on January 19, 2026, supported by global market trends, local demand, and movements in the rupee-dollar exchange rate.

As per market estimates, 24-carat gold, which is considered pure gold, is priced at ₹14,569 per gram, or ₹1,45,690 per 10 grams. 22-carat gold, commonly used for jewellery, is trading at around ₹13,355 per gram, or ₹1,33,550 per 10 grams.

The prices have risen marginally compared to the previous day. The increase is mainly linked to a weaker Indian rupee against the US dollar, which makes imported gold more expensive.

Gold rates vary slightly across cities such as Mangalore and other parts of the country. These differences depend on local taxes, transportation costs, jeweller margins, and regional demand.

Demand for gold remains strong due to the wedding season and festive buying, which continues to support higher prices. Investors also turn to gold during uncertain economic conditions, as it is seen as a safe-haven asset.

Experts say that global geopolitical developments, inflation concerns, and central bank policies are also influencing international gold prices, which in turn affect domestic rates.

Market participants expect gold prices to remain firm in the near term if the rupee stays weak and demand continues at current levels.

Business

Gold Prices Decline Slightly on January 16

Published

1 week ago

January 16, 2026

Namma Kudla

Gold prices witnessed a mild decline in the domestic bullion market on January 16, 2026. The price of 24-carat gold was recorded at ₹143,080 per 10 grams. This marked a fall of ₹360 compared to its previous closing price, indicating a soft trend in the precious metal market.

Similarly, the price of 22-carat gold also moved lower. It was trading at ₹131,157 per 10 grams during the day. The decline in gold prices reflects cautious sentiment among investors amid changing global economic signals.

Market experts said gold prices were affected by fluctuations in international markets and movements in the US dollar. Profit booking by investors at higher levels also contributed to the marginal drop in prices.

Despite the decline, demand for gold remains steady in the domestic market. Jewellers reported moderate buying interest, especially for 22-carat gold used in jewellery. Industry participants are now closely watching global inflation data, interest rate trends, and geopolitical developments.

Gold prices are expected to remain volatile in the coming days. Investors are advised to keep an eye on global cues and currency movements before making fresh investments.

Business

Silver Crashes ₹12,500 to ₹2.43 Lakh per kg; Gold Declines ₹900

Published

2 weeks ago

January 9, 2026

Namma Kudla

Silver prices fell sharply from record levels in the national capital on Thursday due to global profit-booking. The price of silver dropped by ₹12,500 to ₹2,43,500 per kilogram.

According to the All India Sarafa Association, the white metal had touched a record high of ₹2,56,000 per kilogram in the previous trading session on Wednesday. Silver had surged by ₹5,000 in that session amid strong global cues.

Gold prices also weakened on Thursday. The yellow metal declined by ₹900 per 10 grams in the local market. Traders attributed the fall to selling pressure after recent gains.

Market experts said that a rise in global prices earlier had encouraged investors to book profits. This selling pressure impacted both silver and gold prices in the domestic market.

They added that movements in international bullion prices and a stronger dollar also influenced the decline. Investors are now closely watching global economic signals for further direction in precious metal prices.