Kotak Mahindra Bank becomes 1st bank in India to allow video KYC

Kotak Mahindra Bank becomes 1st bank in India to allow video Know your customer (KYC) facility for customers opening savings accounts on Kotak 811 – the banks digital banking platform. The initiative is presently being launched on a pilot basis for savings accounts, Kotak Mahindra. With Video KYC, verification of documents, signature are completed via a video call with a representative from the bank without any physical interface.

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In January 2020, the Reserve Bank of India amended the Know Your Customer (KYC) norms and introduced the video-based KYC option to onboard customers. Kotak is the first bank to integrate the Video KYC process in the account opening journey.

Important takeaways for all competitive exams:

  • Kotak Mahindra Bank Establishment: 2003.
  • Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra.
  • Kotak Mahindra Bank Managing Director & Chief Executive Officer: Uday Kotak.
  • Kotak Mahindra Bank Tagline: Lets make money simple.

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