Video KYC (V-CIP) – How Video KYC Work?

Video KYC (V-CIP) – How Video KYC Work?

Finances News

Video KYC (V-CIP) is a video-based KYC facility. RBI has amended Know Your Customer (KYC) norms for banks and other financial institutions. As per new norms (released in Jan 2020) Digital KYC (Video-based e-KYC) is allowed. Now, you need not visit the bank personally for KYC. A remote video customer identification process (V-CIP) will help the bank to identify the customer and do KYC remotely. It is a great relief to customers as well as a bank as it eliminates the manual paper-based process of KYC. However, banks and financial institutions need to invest money for storing Video of the