RBI amends KYC norms, allows banks to use V-CIP
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The Reserve Bank said it decided to permit video based Customer Identification Process (V-CIP) as a consent based alternate method of establishing the customer's identity, for customer onboarding with a view to leveraging the digital channels for Customer Identification Process (CIP) by regulated entities (REs).
The RBI further said that the regulated entities will have to ensure that the video recording is stored in a safe and secure manner and bears the date and time stamp. Last year, the government had notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. As per the circular, the reporting entity should capture a clear image of PAN card to be displayed by the customer during the process.
It further said that the official of the reporting entity should ensure that the photograph and the identification details in Aadhaar/PAN should match with the details provided by the customer. It also said that Live location of the customer (Geotagging) shall be captured to ensure that customer is physically present in India.#casansaar(Source-Newsonair)
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