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.
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.