IDBI Financial institution on Wednesday introduced video-based buyer identification course of, according to the RBI’s choice to permit banks to just accept the tactic because of the coronavirus posed challenges to the financial system. In an unscheduled announcement, RBI Governor Shaktikanta Das directed banks and different regulated monetary entities to not impose any punitive restriction towards clients for failure to replace KYC until December finish, in view of the second wave of coronavirus circumstances.
The regulator additionally prolonged the scope of video KYC (know-your-customer) or V-CIP (video-based buyer identification course of) for brand new classes of shoppers akin to proprietorship companies, authorised signatories and useful homeowners of authorized entities.
IDBI in a launch talked about that the RBI has determined to increase the scope of video-based buyer identification course of (V-CIP) generally known as Video KYC.
“It has suggested inclusion of extra classes of the purchasers in addition to periodic updating of KYC information by Video KYC, as a buyer pleasant measure. As a response, IDBI Financial institution has launched the ability of periodic KYC updation by the V-CIP,” it mentioned.
Suresh Khatanhar, Deputy Managing Director mentioned: “In continuation of assorted digital measures launched by IDBI Financial institution, clients can now replace their KYC by the V-CIP with none want to go to the branches.”
The purchasers can provoke the method at their comfort by the V-CIP hyperlink out there on the financial institution’s web site. It is a fully contactless course of, he mentioned.
The Reserve Financial institution introduced a set of measures within the wake of the second wave of the COVID-19 pandemic.