CURRENT AFFAIRS

Detailed explanation-1: -IDBI Bank announced the launch of video KYC account opening (VAO) facility for savings bank accounts.

Detailed explanation-2: -1. Is it possible to open a bank account without KYC? Low-Risk Customers - Official documents need not be required if the bank categorises the customer as a low-risk customer to open an account. An attested photo of the account holder and approval of a gazetted officer is required.

Detailed explanation-3: -What is a video KYC? Indian Bank’s Video KYC lets users complete the KYC for their accounts in a jiffy. During the process, the submitted documents are verified and the signatures are recorded through a video call with a bank officer. This skips the entire need of physically visiting a bank branch.

Detailed explanation-4: -IDFC FIRST Bank launches video KYC for online Savings Accounts.

Detailed explanation-5: -If you are above 18 years and do not possess any valid identity proof, you can still open a bank account with the State Bank of India (SBI). Without having KYC documents you can open a zero-balance savings bank account with SBI’s Basic Savings Bank Deposit Small Account.