The RBI's new standards require non-compliant bank accounts to be closed as of January 1, 2025. To prevent interruptions, account holders must maintain account activity, update their KYC information, and reply to compliance notices. Financial interruptions, limited banking services, and permanent account closure are possible outcomes of non-compliance. These steps are intended to improve financial system security, lower fraud, and increase transparency.

The MCA portal, a crucial platform for public access to company-related information, facilitating transactions and verifications, recently experienced a significant setback.