Now KYC on Video! RBI launches new feature for bank customers

RBI has introduced Aadhaar-based Video Customer Identification Process (V-CIP) to allow banks and other lenders to remotely complete KYC of customers on video. Lenders can use this facility as an alternative to the already available e-KYC facility. The central bank has amended its guidelines under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to introduce V-CIP.

with a view to leveraging the digital channels for Customer Identification Process (CIP) by Regulated Entities (REs), the Reserve Bank has decided to permit Video-based Customer Identification Process (V-CIP) as a consent based alternate method of establishing the customer’s identity, for customer onboarding

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