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V-CIP for KYC
January 12 , 2020
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- Reserve Bank of India (RBI) for the first time has introduced Aadhaar-based Video Customer Identification Process (V-CIP).
- This process will allow banks and other lenders to complete the KYC (Know Your Customer) process of customers on video itself.
- This facility can be used as an alternative to the already available e-KYC facility.
- To introduce V-CIP, RBI has amended guidelines under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
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