Back to Career News

Fresh KYC process can be done through video

January 06, 2023

Fresh KYC process can be done through video
The Reserve Bank of India has released fresh guidelines for the know your customer (KYC) processes that allow for them to completed remotely.

“Fresh KYC process can be done by visiting a bank branch, or remotely through a Video based Customer Identification Process (V-CIP) (wherever the same has been enabled by the banks), as provided in Section 18 of the Master Direction on KYC,” the RBI said in a statement.

In addition the RBI has advised banks to provide non-face-to-face channels to self-declare a KYC in case there is no change in the information.

“If there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process,” read the statement.

In the fresh guidelines, the regulator said customers can use registered email IDs, registered mobile numbers, ATMs, digital channels (such as online banking/internet banking, mobile application), letters, etc. to do re-KYC, without visiting a branch.

In addition, if customers only need to update their address, they can furnish a revised/updated address through digital channels after which the bank will undertake verification within two months.

Important Links:

Recommended for you ...

Axis Bank and Mastercard Launch Premium Credit Card for Small Business Owners
Axis Bank and Mastercard Launch Premium Credit Card for Small Business Owners

September 26, 2024

Banks Report Over 15% Growth in New Credit Card Additions: RBI Data
Banks Report Over 15% Growth in New Credit Card Additions: RBI Data

September 26, 2024

National Company Law Tribunal (NCLT) Approves Merger of IDFC and IDFC First Bank
National Company Law Tribunal (NCLT) Approves Merger of IDFC and IDFC First Bank

September 25, 2024

Chat on WhatsApp