'Know Your Customer' are guidelines and regulations in financial services that require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer.
Video KYC streamlines the KYC 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.
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.