Karnataka Bank launches “V-CIP” for account opening

Karnataka Bank has launched online savings bank (SB) account opening facility through ‘Video-based Customer Identification Process (V-CIP)’. The facility enabled in the corporate website of the bank, empowers prospective customers to open an SB account through online process and complete KYC (know your customer) verification through a video call at their place of convenience.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

The end-to-end paperless digital process leverages the bank’s API (Application Programming Interface) that auto fills the account opening form, validates PAN/Aadhaar number instantly and completes the KYC process through a video call. Online SB Account opening facility through V-CIP will take the customers experience to a new high as it reduces the turnaround time of account opening by eliminating the need of customer’s physical presence at the branch to complete Know Your Customer (KYC) process.”

Important takeaways for all competitive exams: