RBI has repealed the 2016 Master Direction on KYC and replaced it with the new “Reserve Bank of India (Commercial Banks– Know Your Customer) Directions, 2025”.. All Payment System Providers and Participants must now align their KYC, AML, and CFT compliance processes with the updated 2025 framework. The changes include updated references to the new KYC Directions, revisions to digital KYC and V-CIP provisions, and harmonized requirements for OVDs, mandatory documents, and due diligence procedures.