You are here: Home » Finance » News » Banks
Business Standard

Indian Bank launches video KYC facility enabled by VCIP technology

The Video KYC facility further simplifies the subsequent steps and would deliver the cheque book and ATM card to the registered address of a customer

Indian Bank | KYC | Banking

Press Trust of India  |  Chennai 

Indian Bank

Public sector on Tuesday said it has launched the Video (know your customer) facility, which allows an applicant to open an account from anywhere by incorporating its Video-Based Customer Identification Process (VCIP) technology, on its web-based platforms.

To begin with, Indian Bank, in a statement here said the initiative would dispense with the need for a personal visit to any branch of the bank to complete the physical verification process in place, currently.

The Video facility, developed in conjunction with Gieom Business Solutions, further simplifies the subsequent steps and would deliver the cheque book and ATM card to the registered address of a customer.

Customers can proceed to deposit the minimum balance through offline or online route and transact seamlessly using the ATM card and mobile after completing the initiation procedures.

"It is a momentous occasion for us at to launch our Video facility that will be using the latest VCIP technology to enhance customer convenience and experience.", the bank's MD and CEO, Shanti Lal Jain said.

"We will extend this facility to all applicable services in a phased manner... additionally, this should help us extend our reach and significantly help us in driving financial inclusion... This is a step towards digitization," he said.

The pre-requisites to avail the Video KYC facility are a valid mobile number, e-mail, PAN Card, Aadhaar number (linked with mobile number) and access to a computer equipped with camera and a microphone facility.

The process validates the applicant's credentials from multiple sources like a bank representative initiated video-call, information from UIDAI, and OTP for registration of the mobile number, the statement added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 09 2021. 16:25 IST