CURRENT 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: -Karnataka Bank has launched online savings bank (SB) account opening facility through ‘Video-based Customer Identification Process (V-CIP)’.

Detailed explanation-3: -IDFC FIRST Bank launches video KYC for online Savings Accounts.

Detailed explanation-4: -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.

Detailed explanation-5: -India: The Reserve Bank of India introduced KYC guidelines for banks in 2002.