The Reserve Bank of India has amended the KYC (Know Your Customer) rules on Thursday. Now banks and other lending institutions will use the Video-Based Identification Process (V-CIP). With this, the person sitting far away will also be able to do KYC through video and the customer can be served as soon as possible. V-CIP can be consent-based. This digital technology can make it easier for banks and other regulated entities to follow RBI's KYC rules.
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RBI issued a circular stating, 'Reserve Bank of India has decided to recognize V-CIP as an agreed-upon alternative way of verifying the identity of the customer. This will allow digital channels to benefit in the customer identification process of regulated entities and make it easier to deliver services to consumers. It can be stamped.
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According to the circular, the regulated institutions have to take a clear picture of the PAN card shown by the customer during the KYC process. This will not happen in case the customer provides e-PAN. RBI in its circular has encouraged the regulated entities to take the help of modern available technology such as Artificial Intelligence (AI and face matching technology, thereby providing the customer The information should be sure and the process should be done properly. It is being told that last year, the government has given money laundering (Records). (Maintenance) Prevention Rules, 2005 was notified to be amended.
