KYC, or Know Your Customer, is the process of identifying customers’ identities. Video KYC streamlines this procedure by enabling individuals in India to fulfill their KYC obligations through a convenient video call, removing the need for in-person visits. During the video call, a bank representative will assist you in verifying your address proof, as well as validating your PAN and photograph. This efficient approach allows for the quick establishment of a comprehensive KYC savings account. Once you’ve submitted your information, a video call with a bank representative can be scheduled to finalize the KYC process, eliminating the requirement to visit a physical branch for KYC compliance.
KYC, or KYC check, is the essential procedure of identifying and confirming a client’s identity during account initiation and at regular intervals. In essence, banks are responsible for ensuring the authenticity of their clients’ claimed identities. This involves an audio-visual interaction between the customer and a trained official, during which the customer provides a live photo and other necessary documents for identity verification.
General Steps for Video KYC:
Complete Digital Account Opening through Aadhaar OTP-based E-KYC:
To initiate the process, start by opening a digital account through Aadhaar OTP-based E-KYC. This involves verifying your identity using your Aadhaar card details and a one-time password (OTP) sent to your registered mobile number. This initial step lays the foundation for the subsequent Video KYC process
Provide Consent for Video KYC and Access the Link:
Once the digital account opening is done, you’ll need to provide your consent for Video KYC. Look for the option to consent for Video KYC and click on the relevant link. This step signifies your agreement to proceed with the video-based identity verification process.
Initiate the Video KYC Process:
After giving consent, click on the designated link to begin the Video KYC process. This link will lead you to the video interaction platform where you’ll engage in a live video call with a trained official from the bank. This official will guide you through the remaining steps of the verification process.
Grant Necessary Permissions
As you initiate the video call, you’ll be prompted to grant permission for camera, microphone, and location access on your device. This is essential to ensure a seamless interaction and to enable the official to verify your identity effectively. Providing access to these features allows the official to see and hear you during the process
Engage in Video Interaction:
With the necessary permissions granted, you’ll be connected to the trained bank official via video call. During this interaction, you’ll be required to present yourself live on camera, which helps confirm your identity. Additionally, you might need to display the documents that were initially used for E-KYC, further verifying your identity.
Answer Verification Questions
Throughout the video call, the bank official might ask you a series of verification questions to ensure that you are indeed the person associated with the account opening. These questions could be based on your personal details or account-related information.
Finalize Verification and Documentation:
Once the official is satisfied with the verification process, they will guide you through any remaining steps, such as confirming your address, PAN details, or any other required documentation. This step aims to validate the accuracy of the information you provided earlier in the account opening process.
Confirmation and Completion:
Upon successful completion of the video interaction and verification process, the bank official will confirm the details and completion of your Video KYC. This validates your identity and enables you to continue using the account you’ve opened digitally
Rules for Video KYC:
- Customer consent recordings must be tamper-proof and auditable.
- The V-CIP must identify and block connections from foreign IP addresses and prevent IP spoofing.
- Video recordings need geo-tags (live GPS coordinates) and date-time stamps
In May 2021, the Reserve Bank of India (RBI) officially sanctioned the utilization of Video KYC as a recognized method for the purpose of identity verification by banks and Non-Banking Financial Companies (NBFCs). This approval pertains to the onboarding of customers and the subsequent verification of their identities