RBI launched the Aadhaar-based Video Customer Identification Process
The Reserve Bank of India (RBI) launched the Aadhaar-based
Video Customer Identification Process (V-CIP) on 9 January 2020.
The aim of the
move is to allow banks and other lenders to remotely complete Know Your
Customer (KYC) of customers on videos.
V-CIP: A fact file
has allowed consent-based video-based KYC as an option to establish a
is expected that it will make the process easier for banks and other regulated
entities to adhere to the RBI's KYC norms.
moves with a view to leveraging the digital channels for the Customer
Identification Process (CIP) by Regulated Entities (REs).
has been encouraged to take the assistance of the latest available technology
like Artificial Intelligence (AI) and face matching technologies, to ensure the
integrity of the process and the information furnished by the customer.
consent-based method will be an alternate method of establishing the customer's
identity, for customer onboarding.
approval by RBI was a long-standing industry demand for several years as many
banks, especially digital NBFCs and fin-tech startups, as it will reduce the
costs of physically reaching out to customers in remote locations where they
did not otherwise have branches.