What is video KYC?

Video KYC is a digital method used by banks and financial institutions in India to verify a customer’s identity through a live video call rather than an in-person meeting. This process was introduced to make customer verification quicker, more convenient, and entirely paperless, in line with regulatory guidelines from the Reserve Bank of India and other authorities.

Here’s how video KYC works:

• After initiating an account opening or loan application, the customer is invited to join a secure video call with a trained official.
• During the call, the customer is asked to display original identification documents, such as their PAN card or Aadhaar card, and may be required to provide a live signature on a blank sheet of paper.
• The official verifies the authenticity of the documents and checks that the person on the call matches the photo ID provided. Advanced features like facial recognition and geo-tagging may be used to increase security and prevent fraud.
• The entire interaction is recorded and stored as part of the verification process following compliance with regulatory standards.

Video KYC eliminates the need for physical visits to a branch and speeds up the onboarding process for savings accounts, loans, and other financial products. It is available for resident Indian individuals above 18 years and is now a widely accepted standard in the Indian banking sector.