Every Indian financial institute which comes under the purview of the Reserve Bank of India (RBI) is mandated to carry out a Customer Due Diligence procedure before onboarding an entity. The RBI has also issued clear guidelines in the form of Know Your Customer (KYC) norms.
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RBI’s recent announcement allowed entities registered with it to use Video-based customer KYC (V-CIP)solution. That meant instead of sending agents to the customer’s address, now REs could verify the customer’s identity remotely via a recorded video call. RBI defined how V-CIP (video-based customer identification process) should be done, we have summarized the circular in our article here.
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