Home National International Important Days Awards Sports Appointments Defence Summits Rank and Reports Books and Authors Banking State News Current Affairs in English Current Affairs in Hindi Miscellaneous

Latest

RBI launched the Aadhaar-based Video Customer Identification Process


RBI launched the Aadhaar-based Video Customer Identification Process
 

The Reserve Bank of India (RBI) launched the Aadhaar-based Video Customer Identification Process (V-CIP) on 9 January 2020.

The aim of the move is to allow banks and other lenders to remotely complete Know Your Customer (KYC) of customers on videos.

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.