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Giving immediate response to the Reserve Bank of India's (RBI's) initiative for rationalisation of compliance to KYC requirements, the IDBI Bank has launched the facility of periodic KYC updation through the V-CIP (Video based Customer identification process). The IDBI Bank made the announcement in this regard on 5th May 2021.

Announcing this initiative Suresh Khatanhar, Deputy Managing Director at IDBI Bank said, “In continuation of various digital measures introduced by IDBI Bank, customers can now update their KYC through the V-CIP without any need to visit the branches. The customers can initiate the process at their convenience through the V-CIP link available on the Bank’s website. This is a completely contactless process."

On 5th May 2021, RBI Governor Shaktikanta Das had announced to rationalise certain components of the extant KYC norms. These include (a) extending the scope of video KYC known as V-CIP (video-based customer identification process) for new categories of customers such as proprietorship firms, authorised signatories and beneficial owners of Legal Entities and for periodic updation of KYC; (b) conversion of limited KYC accounts opened on the basis of Aadhaar e-KYC authentication in non-face-to-face mode to fully KYC-compliant accounts; (c) enabling the use of KYC Identifier of Centralised KYC Registry (CKYCR) for V-CIP and submission of electronic documents (including identity documents issued through DigiLocker) as identify proof; (d) introduction of more customer-friendly options, including the use of digital channels for the purpose of periodic updation of KYC details of customers.

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