Financial firms in India can now use video-based methods to verify the identities of their customers.
The Reserve Bank of India (RBI) has given the financial sector the thumbs up to use video-based know your customer (KYC) methods to onboard customers far away, DataQuest reported.
RBI stated that the they have to follow the approved Video Customer Identification Process (VCIP), which is expected to simplify the authentication process for financial firms.
While customers can use verify their identities through video calls, they have to call from within the country.
Moreover, only calls from within the bank’s or financial institution’s domain will be accepted, meaning WhatsApp calls or Google Duo will not be acceptable.
This is not the first change made by Indian regulators. In early January, the Bangladesh Financial Intelligence Unit issued new guidelines for opening accounts without having to fill in any paper-based documents. This change would enable illiterate individuals can open accounts without having to fill in their signature.
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