In a first, RBI allows KYC process on mobile video

MUMBAI: In a move that will enable banks and fintechs onboard customers remotely, the Reserve Bank of India (RBI) has amended its norms to allow the ‘know your customer’ (KYC) process to be completed through a mobile video conversation. The central bank has also facilitated eKYC and digital KYC by allowing use of Aadhaar or other e-documents in the customer due diligence process.

This makes India one of the rare markets to allow video KYC through an amendment to the RBI rules after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. “I think this is a world first where the regulator has allowed video KYC.