RBI allows KYC Through Video
The Reserve Bank of India (RBI), on January 9, amended the Know Your Customer (KYC) guidelines to allow banks, lending companies and fintech startups to onboard customers through live video.
Doing away with the mandatory physical documentation and in-person verification, the RBI has allowed for the use of a live photo of the customer, and his or her officially valid document as a proof of identification. It has also mandated for the geo-tagging of the customer's video to ensure that they are located within the borders of the country.
“While overall this is a major positive move, this is the only point where there could be some hindrances since consumers in rural and far flung geographies might still find it difficult to use these facilities for offline Aadhaar, but this will get smoothened soon," Wriju Ray, co-founder & CBO, IDfy
IDfy, one of Asia's Top 5 Regulatory Technology companies, is the pioneer of Video KYC in India.
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