The RBI gives 'this big' facility to bank consumers
Friday - January 10, 2020 2:04 pm ,
Category : WTN SPECIAL
Reserve Bank of India provides the facility of video KYC
Bank consumers get effortlessness, now KYC to be possible through video calling
JAN 10 (WTN) - You must have an account with some bank. If you have an account with the bank, then you must have done KYC (Know Your Customer) also. But as you know that you have to go to the bank to do KYC, but if we say that now there is no need to go to the bank to do KYC, and KYC will be done on the video call, then you must have been attentive after reading. Yes, similar is going to happen now. What is the whole matter? Let us tell you in detail.
Actually, the Central Bank of India, Reserve Bank of India has revised the Master KYC guidelines. That is the KYC process will now be based on mobile video conversations. This is a big relief for banks regulated by the central bank, as well as non-banking financial companies (NBFCs), wallet service providers and other financial services companies. At the same time, it is also a great convenience for the consumers living away from the offices of banks and banking financial companies. Explain that the Reserve Bank has provided e-KYC and digital KYC facility through Aadhaar card and other e-documents.
Explain that this decision of the Reserve Bank has made the Indian market in selected markets where video KYC has been approved by amending the rules. As per the RBI notification for amendment of KYC rules, the central bank has introduced the Video-Based Customer Identification Process (VCIP) as a customer permission-based alternative mechanism to make it easier to identify the consumer.
For your information, let us know that after the decision of the Reserve Bank, the financial institution officials present in remote areas will be able to identify the consumer through Aadhaar card and PAN as well as some questions. Explain that for video KYC, the consumer must be in India, and to ensure his presence in the country, the user's geolocation will be reported.
Explain that there are many conditions for KYC through video, such as video calls will be made from the respective bank's domain and not through third-party sources like WhatsApp or Google Duo. Explain that banks have to link their applications and websites before starting the video KYC process. According to the Reserve Bank's notification, the process of VCIP should be carried out by the banks through trained officials.
JAN 10 (WTN) - You must have an account with some bank. If you have an account with the bank, then you must have done KYC (Know Your Customer) also. But as you know that you have to go to the bank to do KYC, but if we say that now there is no need to go to the bank to do KYC, and KYC will be done on the video call, then you must have been attentive after reading. Yes, similar is going to happen now. What is the whole matter? Let us tell you in detail.
Actually, the Central Bank of India, Reserve Bank of India has revised the Master KYC guidelines. That is the KYC process will now be based on mobile video conversations. This is a big relief for banks regulated by the central bank, as well as non-banking financial companies (NBFCs), wallet service providers and other financial services companies. At the same time, it is also a great convenience for the consumers living away from the offices of banks and banking financial companies. Explain that the Reserve Bank has provided e-KYC and digital KYC facility through Aadhaar card and other e-documents.
Explain that this decision of the Reserve Bank has made the Indian market in selected markets where video KYC has been approved by amending the rules. As per the RBI notification for amendment of KYC rules, the central bank has introduced the Video-Based Customer Identification Process (VCIP) as a customer permission-based alternative mechanism to make it easier to identify the consumer.
For your information, let us know that after the decision of the Reserve Bank, the financial institution officials present in remote areas will be able to identify the consumer through Aadhaar card and PAN as well as some questions. Explain that for video KYC, the consumer must be in India, and to ensure his presence in the country, the user's geolocation will be reported.
Explain that there are many conditions for KYC through video, such as video calls will be made from the respective bank's domain and not through third-party sources like WhatsApp or Google Duo. Explain that banks have to link their applications and websites before starting the video KYC process. According to the Reserve Bank's notification, the process of VCIP should be carried out by the banks through trained officials.
