- RBI has now allowed banks to open new accounts using video-based KYC
- You will be required to display your PAN card in the video recording
NEW DELHI : Opening a bank account online would now be easier as the Reserve Bank of India (RBI) has allowed banks to complete Know Your Customer (KYC) rules using videos. The new video-based customer identification process, which is in addition to other KYC modes, allows banks to open new accounts with the help of video recording. Banks have been asked to take the help of artificial intelligence (AI) and facial recognition technologies to avoid chances of any fraud or manipulation.
New KYC rules for bank account opening:
Under the new RBI rules for KYC, banks can carry out a seamless, secure, real-time and consent based audio-visual interaction with the customer. The video-based KYC process shall be treated as equivalent to face-to-face process.
During the video recording, you will be asked to display your PAN card as well. Those with e-PAN would be exempted from producing a physical copy. Besides the live video recording, a photograph of yours will also be captured separately. The bank will also capture your live location during the video recording with the help of geotagging to ensure that customer is physically present in India.
Banks can use either OTP-based Aadhaar e-KYC authentication or offline verification of Aadhaar for identification.
The video interaction, which will be conducted by a bank employee, might require you to ask questions to ensure that the interaction is real-time and not pre-recorded.
To prevent any misuse, banks have been asked to ensure that the video recording is stored in a safe and secure manner and bears a date and time stamp.
