Several banks in the country have started offering video-KYC (know-your-customer) service to sign up new customers. Reserve Bank of India earlier this year gave its nod to banks to use a video-KYC process.
KYC is a process under which a customer has to provide certain documents for his verification. Only after the completion of this process, he can avail of services such as account openings and loans.
Earlier, customers were required to visit banks for physical verification of documents. Later, the facility of digital KYC was introduced, but they had to go to banks to provide documents in physical form.
Under the video-KYC process, people are contacted by a bank officer through a live video call and they have to submit identity proof digitally.
What they have to do is, visit the bank’s website, share personal details and enable access to the phone’s location for video KYC. The turning on of location is required to prevent people outside India from opening a bank account.
Finally, after a conversation with a bank executive over video call, a bank account is opened and customers become eligible for availing various facilities.
The video-KYC is carried out through a bank’s website or its mobile application. It does not take place via third party apps like Zoom, WhatsApp, Google Duo and Skype.
According to moneycontrol.com, one has to provide the Aadhaar number for video-KYC. It will be verified through a one-time password which a customer will receive on his registered mobile number.
People should note that a verifying agent for video-KYC must be an employee of the bank, not any third-party agent.
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