Daily Current Affairs 2020 Reserve Bank Decides To Permit Video Based Customer Identification Process | Daily Current Affairs 2020

Reserve Bank Decides To Permit Video Based Customer Identification Process

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Reserve Bank of India (RBI) has amended its norms to allow the ‘know your customer’ (KYC) process to be completed through a video conversation. Changes due to introduction of Video based Customer Identification Process (V-CIP).

Regulated Entities (REs), REs may undertake live V-CIP, to be carried out by an official of the RE, for establishment of an account based relationship with an individual customer, after obtaining his informed consent. The official of the RE performing the V-CIP shall record video as well as capture photograph of the customer present for identification and obtain the identification information. The central bank has also facilitated eKYC and digital KYC by allowing use of Aadhaar or other e-documents in the customer due diligence process.

Source: Business Standard

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