The RBI allowed banks to integrate video KYC in the account opening process in January 2020.
Kotak Mahindra Bank has now introduced video KYC for customers opening new Kotak 811 savings accounts.
Other major banks are working on video KYC and are expected to launch the facility soon.
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In January 2020, India’s central bank the Reserve Bank of India amended the Know Your Customer (KYC) norms, allowing banks to use video calling to complete the KYC process for new customers.
Now, amid the coronavirus pandemic, Kotak Mahindra Bank has announced that customers can open a full-fledged Kotak 811 savings account, becoming the first bank in the country to introduce video KYC in the account opening process.
This will allow customers to open a bank account and finish the KYC process from the safety of their home. As per reports, other major banks are also working on launching their video KYC platforms.
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Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “In the new normal world that we must now adapt to in the aftermath of COVID-19, Kotak’s emphasis on digital-first initiatives takes on even more meaning. In this context, Video KYC can prove to be a game changer where customer verification is completed from the comfort of one’s home or office without the need for a physical interaction.”
How to open Kotak 811 savings account with video KYC
Here’s what you need to open a Kotak 811 savings account
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Aadhaar number
PAN card
A paper and pen to upload your signature
A proper background with good lighting
Clear view of the customer’s face
Once you have all the required things, follow the below steps -
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