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:
Air pollution continues to be a serious problem in India, and a new report has…
On the occasion of World Health Day, the Maharashtra government started a new rural healthcare…
The global tension around the Strait of Hormuz increased on Tuesday after Russia and China…
In a recent inspiring sports news story, 18-year-old Payal Nag from Odisha has made history…
The Monetary Policy Committee (MPC) of the Reserve Bank of India, in its 60th meeting…
The "Seven Sisters of Petroleum" were seven very powerful oil companies that controlled most of…