RBI Guideline-Fresh KYC process can be done through video

The Reserve Bank of India has issued new guidelines for remote know your customer (KYC) processes. According to the RBI statement, a new KYC process can be initiated in person at a bank branch or remotely via a Video-based Customer Identification Process (V-CIP).

Furthermore, the RBI has advised banks to provide non-face-to-face channels for customers to self-declare a KYC if there is no change in the information. Some customers have also complained that even after multiple online submissions of documents, digital re-KYC is not processed through banks' websites and mobile applications.

According to the latest notification from the RBI, individual bank customers are encouraged to get more information from their bank about the various options available to them for completing re-KYC, such as submitting self-declaration through various non-face-to-face channels mentioned or completing fresh KYC by visiting a bank branch or remotely through V-CIP.

Customers can complete re-KYC using registered email IDs, registered mobile numbers, ATMs, digital channels (such as online banking or internet banking, mobile application), letters, and so on, according to the RBI.

Furthermore, if there is only a change in address, customers can provide a revised or updated address through any of these channels, and the bank will verify the declared address within two months.

What is KYC?

KYC stands for 'know your customer,' and it is a simple way for a company to confirm and thus verify a customer's identity. The customer must submit all KYC documentation prior to investing in various instruments. Before granting customers the ability to conduct financial transactions, the RBI requires all financial institutions to perform the KYC process for all of them. The process is simple and only needs to be done once, whether the customer uses online or offline KYC.