BANKING AFFAIRS

Detailed explanation-1: -We know what it feels like. To help our existing customers and potential clients enjoy a convenient banking experience, Indian Bank has introduced V-CIP (Video-Customer Identification Process) for customers to complete their account opening process through a video KYC.

Detailed explanation-2: -Background:-V-CIP is an alternate method of customer identification with facial recognition and customer due diligence by authorized official of bank.

Detailed explanation-3: -In a move with far-reaching consequences, RBI issued a notification dated January 9th, 2020, officially recognizing the Video-Based Customer Identification Process (VCIP) as a method of customer identification.

Detailed explanation-4: -What is a Customer Identification Program (CIP)? As part of Know Your Customer (KYC) guidelines, firms must conduct Customer Identification Programs (CIP) to verify that customers are who they say they are and are being truthful about the business they are engaged in.

Detailed explanation-5: -Video based Customer Identification Process (V-CIP) is a Reserve Bank of India (RBI) authorised method used by banks and other financial institutions which involves a consent-based procedure of collecting information of a customer during the onboarding process.