VIDEO BASED CUSTOMER IDENTIFICATION PROCESS (V-CIP)
Jan. 10, 2020
The RBI has amended the Know Your Customer (KYC) norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers remotely.
About:
RBI 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 with a view to leveraging the digital channels for Customer Identification Process (CIP) by regulated entities (REs).
The regulated entities will have to ensure that the video recording is stored in a safe and secure manner and bears the date and time stamp.
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