Comparing of 2 sheets and replace the whole column data

Sir, i have attached 2 sheets of excel, here sheet1 is correct file and sheet2 is error file so i want to replace the product type Col. O from sheet1, it means in sheet1 product type column is right and sheet2 product type col. name is error so i want to replace sheet1 data to sheet2 data, here common is borrower id B. I have attached sample file only. i have 3lakhs rows.

Kindly note: in sheet2, the rows is not available in sheet1 means then in sheet2 the data should be retain the same.

Formula in sheet2 "L2"

Formula:

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if i apply in sheet2 then i am loosing my data from S.NO 12
it means suppose in sheet1 the data is not available means then sheet2 the data was remain the same what it having already

otherwise the formula will apply if only the borrower id same in 2 sheets other wise the formula will not works in the cells, how will i wrote that ?

In sheet2 your product type as per criteria "borrower id".
If "borrower id" not in sheet1 then in sheet2 showing blank. (As per your data record in sheet2)

That's impossible. Having a formula will definitely replace the existing content. However, in sheet 2 you can duplicate an additional product type column and at the original product type column set it with the formula provided by avk with if borrower id match not found, then return that content from the duplicate product type column

Example.

=IFERROR(INDEX(Sheet1!$L$2:$L$11,MATCH(Sheet2!$B2,Sheet1!$B$2:$B$11,0)),M2) <--- column M is the duplicate product type column. You can hide it after duplicating.