Financial firms can now save cost through video KYC; data concerns galore

V-KYC will also prevent confusion and issues later; you will only need to fill in the online form on your lender's website or app to apply for opening an account or for a loan

Soon, you may be able to open a bank account within minutes. With the Reserve Bank of India (RBI) expanding the scope of doing Know Your Customer (KYC) procedure through video (V-KYC), there is a possibility that the long process – usually three to five days working days – will be reduced to a few minutes. Says Ankush Aggarwal, founder of Avail Finance: “The RBI’s announcement of video-based KYC (V-KYC) will provide a boost to the financial services industry.”

And the good thing is that the central bank has decided to permit video-based Customer Identification Process (V-CIP) as a consent-based alternative