What is video verification for KYC?

An official from the MSME initiates the video KYC process by inviting the customer to a video call. The customer’s Aadhaar card is then verified. The official then matches the customer’s image captured on video with the image in the PAN card using facial matching capabilities.

What are the prerequisites for a video KYC?

Video KYC: How to avail The pre-requisites to avail the Video KYC facility are a valid mobile number, e-mail id, PAN Card, Aadhaar number (linked with mobile number/email) and access to a computer or mobile device having camera and microphone facility besides an internet connection.

What do you mean by KYC norms?

KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. In other words, banks must make sure that their clients are genuinely who they claim to be.

Is video KYC full KYC?

Starting January 2020, RBI has added the option of conducting video-KYC for opening accounts. This type of KYC is considered equivalent to full-KYC. Not only does this make things convenient in the current situation, but it also aligns account-opening better with the new-age digital banking experience.

What is video based customer identification process?

Video based Customer Identification Process (V-CIP) is an alternate method of customer identification with facial recognition and customer due diligence by an authorised official of the RE by undertaking seamless, secure, live, informed-consent based audio-visual interaction with the customer to obtain identification …

Who introduced KYC norms?

RBI
As per RBI guidelines issued vide their circular dated 29/11/2004, all banks are required to formulate a KYC Policy with the approval of their respective boards. The KYC Policy consists of the following four key elements. 4.

In which cases KYC norms are applicable?

KYC is required to be done at least once in two years for high risk customers, once in eight years for medium risk customers and once in ten years for low risk customers. This exercise would involve all formalities for KYC normally taken at the time of opening the account.