RBI agrees with video-based customer identification

Friday 10 January 2020 12:41 CET | News

IBS Intelligence has reported that Indian banks, fintechs, NBFCs, and other financial services companies will soon switch to video calls to expedite their customer onboarding process.

On 9 January, Reserve Bank of India (RBI), the country’s banking regulator, came up with a notification depicting amendments of its existing guidelines. This notification suggests that companies can help onboard customers remotely through video calls.

These guidelines changes come six months after an RBI-committee had recommended the replacement of the current KYC and Aadhaar KYC norms in favour of using video-KYC. The committee’s recommendations were to usa Google Duo for Android users and FaceTime for iPhone users. Moreover, India’s apex bank has allowed companies to use of a screen-shot (taken during the video call) or live photo of a customer as a proof of identification to complete the KYC process.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: India, RBI, video-identification, customer identification, banks, fintechs, NBFC, financial service, onboarding, banking, KYC
Categories: Fraud & Financial Crime
Countries: India
This article is part of category

Fraud & Financial Crime

Industry Events