The Reserve Bank of India has revised the Know Your Customer (KYC) norms for banks and other lending institutions. New amendments in KYC norms by RBI allows banks and other lending institutions to use “Video based Customer Identification Process (V-CIP)”. The V-CIP is a consent based alternate method of establishing the customer’s identity and for customer onboarding from remote areas while leveraging the digital technology. V-CIP will also provide comfortability to banks and other regulated entities while holding to the RBI’s Know Your Customer (KYC) norms. The video files recorded as V-CIP are required to be stored bearing the date and time stamp while ensuring the safety and security of the video files.
RBI has also advised banks to capture clear image of PAN card produced by the customer during the Customer Identification Process (CIP). The central bank also advised the banks and other regulated entities to record the customer’s location (Geotagging) to ensure the customer’s physical presence in India.
Important takeaways for all competitive exams:
To secure government jobs, aspirants need to clear competitive exams like SSC, Banking, Railways, and…
The 82nd Annual Golden Globe Awards, held on January 5, 2025, at The Beverly Hilton…
India's journey to becoming the largest milk producer in the world is a remarkable story…
Guru Gobind Singh Jayanti is a special occasion that honors the birth anniversary of Guru…
Human Metapneumovirus (HMPV), first identified in 2001, is a respiratory virus from the Pneumoviridae family.…
Tomiko Itooka, a Japanese woman recognized by Guinness World Records as the world’s oldest person,…