{"id":8926,"date":"2020-02-11T17:59:14","date_gmt":"2020-02-11T12:29:14","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=8926"},"modified":"2020-07-23T16:50:19","modified_gmt":"2020-07-23T11:20:19","slug":"rbi-prompts-the-emergence-of-video-kyc","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/rbi-prompts-the-emergence-of-video-kyc\/","title":{"rendered":"RBI Prompts the Emergence of Video KYC"},"content":{"rendered":"\n<p class=\"has-drop-cap\">All the financial institutes can take a sigh of relief as RBI shall soon introduce technology-driven customer <strong>verification through video KYC<\/strong>. Previously, when Reserve Bank of India made it mandatory to <strong>conduct KYC of customers<\/strong>, several companies showed their resentment and protested the process as it requires a huge sum of money and staff. However, RBI has now considered the plea of <strong>financial institutes<\/strong> and proposes to <strong>Emergence of Video KYC<\/strong>.<\/p>\n\n\n\n<p>RBI has recently announced that the companies can verify customer\u2019s information over a live video. The <strong>digital authentication will certainly<\/strong> help the companies to save costs and enables them to provide a customer-friendly experience.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3adbb4dfc50\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3adbb4dfc50\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/rbi-prompts-the-emergence-of-video-kyc\/#Functioning_of_video_KYC\" title=\"Functioning of video KYC\">Functioning of video KYC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/rbi-prompts-the-emergence-of-video-kyc\/#What_challenges_can_the_video-based_KYC_propel\" title=\"What challenges can the video-based KYC propel?\">What challenges can the video-based KYC propel?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/rbi-prompts-the-emergence-of-video-kyc\/#Things_to_keep_in_mind_while_using_video_kyc\" title=\"Things to keep in mind while using video kyc\">Things to keep in mind while using video kyc<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Functioning_of_video_KYC\"><\/span>Functioning of video KYC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>RBI initiates a simple <em>KYC approach<\/em> wherein; the companies have to keep a timestamp of the video, while the customer needs to show his\/her documents over the video and enable location for the purpose of Geo tagging. As per the reports, the companies can deploy <strong>Google&#8217;s video chat (Duo) to channelize the video-based KYC<\/strong>, but nothing has been finalized until now.<\/p>\n\n\n\n<p>Once the <strong>video KYC comes on board<\/strong>, it shall require the customers to have a DigiLocker account for the video. RBI urges to start with <strong>XML-based Aadhaar authentication<\/strong> rather than <strong>offline QR-code based verification<\/strong>. Moreover, RBI emphasizes on live videos and denies the use of recorded <strong>videos for an authentication<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_challenges_can_the_video-based_KYC_propel\"><\/span>What challenges can the video-based KYC propel?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>KYC over the video might seem to be a cost-effective process as compared to the <strong>paper-based customer verification<\/strong>. However, customers from rural areas may find it difficult to commence this <strong>technology-driven authentication<\/strong>. Thus, it is the government\u2019s responsibility to make the <strong>KYC video procedure<\/strong> as easy as possible.<\/p>\n\n\n\n<p>&nbsp;The government shall issue few guidelines to use the method of video-based KYC that will guide the customer about the <strong>new KYC process<\/strong>. RBI shall mandate to open a <strong>DigiLocker account<\/strong> <a href=\"https:\/\/digilocker.gov.in\/\">[1]<\/a>  and link it to the government&#8217;s video service or Google Duo.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Things_to_keep_in_mind_while_using_video_kyc\"><\/span>Things to keep in mind while using video kyc<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong>concept of <\/strong>RBI&#8217;s Emergence of Video KYC is yet to gain importance. Therefore, many people are clueless about its usage. Some primary factors to be considered during <strong>using KYC video<\/strong> is to turn on your location services and ensure that your picture &amp; documents are clear in the video. <strong>KYC video and DigiLocker linking<\/strong> are the crucial steps towards e-verification. If it gets successfully executed, then the government will surely implement it on other services as well.<\/p>\n\n\n\n<div class=\"shadow6\"><ul><li><a href=\"https:\/\/swaritadvisors.com\/learning\/government-enables-instant-e-pan-card-facility\/\">Government Enables Instant e-PAN Card Facility<\/a><\/li><li><a href=\"https:\/\/swaritadvisors.com\/learning\/what-are-the-major-income-tax-cuts-in-union-budget-2020\/\">What are the Major Income Tax Cuts in Union Budget 2020?<\/a><\/li><\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>All the financial institutes can take a sigh of relief as RBI shall soon introduce technology-driven customer verification through video KYC. Previously, when Reserve Bank of India made it mandatory to conduct KYC of customers, several companies showed their resentment and protested the process as it requires a huge sum of money and staff. However, [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":8930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[544],"tags":[664],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/8926"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=8926"}],"version-history":[{"count":16,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/8926\/revisions"}],"predecessor-version":[{"id":11831,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/8926\/revisions\/11831"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/8930"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=8926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=8926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=8926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}