As consumers have become more adept and comfortable in transacting online, the adoption of Video KYC has grown exponentially. Video KYC is increasingly replacing lengthy physical verification processes with the blessings of regulators in India.
In a circular released on January 5, 2023, the Reserve Bank of India (RBI) has given a nod to complete the re-KYC of existing customers of banks through Video KYC. An excerpt from the circular: “Individual customers of banks are encouraged to get more information on the different options available to them from their bank for (a) completing re-KYC (such as submission of self-declaration through various non-face–to-face channels mentioned in para 2); OR (b) completing fresh KYC by visiting a bank branch or remotely through V-CIP.”
V-CIP or Video-based Customer Identification Process is alternatively known as Video KYC and so far banks have used it only for onboarding new customers. Its adoption in re-KYC will greatly benefit consumers by eliminating the need to physically visit the bank.
Similarly, the Pension Fund Regulatory and Development Authority (PFRDA) has also allowed intermediaries to use V-CIP for withdrawal claims in case of the demise of subscribers of National Pension System (NPS).
In a circular on January 4, 2023, it said, “In line with the technological advancements and for ensuring seamless exit claim processing, it has been decided to allow the intermediaries to use VCIP as an added due diligence mechanism for verification of the nominee / claimant / legal heir while processing the withdrawal claims in case of death of NPS subscribers.”
Rubix’s Video KYC Solution for the digital onboarding of counterparties strikes a fine balance between ease of use and the highest levels of security and compliance. We digitally verify your counterparty’s identity documents against various statutory databases (PAN, GST, Aadhaar etc) and conduct liveness checks to ensure that your counterparty’s identity is comprehensively validated.
Our Video KYC solution enhances your counterparty’s onboarding experience and is both efficient and cost-effective.
To know more about Rubix Video KYC and how we can help you onboard counterparties seamlessly, please reach out to us at email@example.com or +91 22 4974 4274.