Banking News

kyc: Fresh KYC process can be done through video, says RBI

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.

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