CURRENT AFFAIRS

Detailed explanation-1: -In V-CIP process your KYC documents and signature are verified in real time basis through video call with bank’s official. It uses latest Artificial Intelligence driven face match technology and real time online verification of documents.

Detailed explanation-2: -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-3: -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-4: -V-CIP is a video & consent-based customer due diligence (CDD) procedure, in which an authorized official conducts an audio-visual interaction with the customer to collect the required identifying information for onboarding.

Detailed explanation-5: -KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with the banks.