CURRENT AFFAIRS

Detailed explanation-1: -Video KYC allows the new users to complete the one-time online registration requisite within just a few minutes*. During the process, the KYC documents are verified and the signatures are recorded through a video call with a bank officer, thus doing away with the need of physically visiting a bank branch.

Detailed explanation-2: -Indian Bank’s video KYC ensures the safety of its customers. Personal information is stored with complete security and only used for the verification purpose. Benefits of a video KYC based account opening.

Detailed explanation-3: -Video KYC involves capturing a live photo of the client with official and valid KYC documents such as the Aadhaar card or any other government KYC document, this photo is taken by a trained official.

Detailed explanation-4: -Since 2004, the Reserve Bank of India made it compulsory for all Indian financial institutions to verify both the identity and address of all customers carrying out financial transactions with them. Thus, the KYC process was introduced by the RBI as the only mode of verification.