The Reserve Bank of India has launched Aadhaar-based Video Customer Identification Process (V-CIP) to allow banks and other lenders to remotely complete KYC of customers on videos. The central bank has allowed video-based KYC (Know Your Customer) as an option to establish a customer’s identity. The V-CIP, which will be consent-based, will make it easier for banks and other regulated entities to adhere to the RBI’s KYC norms by leveraging the digital technology.
Daily Current Affairs Quiz 2020
The V-CIP can be used to capture live photo of the customer and officially valid document or the proof of possession of Aadhaar, where offline verification cannot be carried out, along with the latitude and longitude of the location where such live photo is being taken by an authorised officer of the Reporting Entity (RE) as per the provisions contained in the Act.
