Video KYC: Private banks hit the ground the running, while PSBs lag

Contactless identification could be a gamechanger in the post-Covid world

One year after the Reserve Bank of India (RBI) allowed banks to verify customer identity and onboarding through video-based customer identification process, close to 20 private sector banks have started the facility. Public sector banks have been laggards in offering this new technology to their customers with only one public sector bank offering the facility.

In January last year, with a view to leveraging the digital channels for Customer Identification Process (CIP) by banks, the regulator permitted video-based Customer Identification Process (V-CIP) as a consent based alternate method of establishing the customer’s identity, for customer onboarding.

Leading private lenders like