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:
Former India and Tamil Nadu all rounder Vijay Shankar has announced his retirement from domestic…
The Reserve Bank of India (RBI) has announced the record ₹2.87 lakh crore surplus transfer…
Indian central government is preparing to launch the major national initiative called the High-Powered Demography…
The Reserve Bank of India (RBI) has approved the reappointment of Mr. Sandeep Bakhshi as…
Kevin Warsh has officially sworn in as the Chair of the Federal Reserve Board of…
India and Cyprus have upgraded the bilateral relationship to a Strategic Partnership, as Cyprus President…