Current context: The RBI has amended the KYC norms to use Video based Customer Identification Process (V-CIP) on 10th Jan 2020.
a. V-PCI
b. V-CIP
c. V-PIC
d. V-ICP
- Under the new norm, banks and other lending institutions regulated by RBI are allowed to use a Video based Customer Identification Process (V-CIP).
- The video KYC will be consent based, means the bank will have to take the consent of the customer for V-CIP.
- The move will help the banks and lending institutions to onboard customers remotely.
- The V-CIP will make it easier for banks and other regulated entities to adhere to the RBI's Know Your Customer (KYC) norms by leveraging the digital technology.
- RBI has allowed the V-CIP as:
- A consent based alternate method of establishing the customer's identity
- For customer on-boarding with a view to leveraging the digital channels for Customer Identification Process (CIP) by regulated entities (REs)
- The video recording is stored in a safe and secure manner and bears the date and time stamp.
- The central government had introduced V-CIP with making amendment in the guidelines under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
Question:
Q.1 RBI has recently amended the KYC norms to introduce a video based digital technology to help the banks and lending institutions to onboard customers remotely, the newly introduced technology is?a. V-PCI
b. V-CIP
c. V-PIC
d. V-ICP
