<keyword id="6986952" type="COMPANY" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword> has launched <keyword id="9304001" type="UNKNOWN" weightage="20" keywordseo="video-kyc-facility">video KYC facility</keyword> so that customers can open savings accounts without the need to visit a branch office. The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (<keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword>) process, <keyword id="6361420" type="DOMAIN" weightage="20" keywordseo="IDFC">IDFC</keyword> First Bank said in a release. <br /><br />        <div type="Article" hostid="261" msid="75990965" title="How to open a bank savings account using video KYC" mstype="2" mssubtype="0"></div><br /> Customers can start earning 7 per cent interest and maximise their returns on funds held or invested anywhere else, it added. <br /><br /> "Video KYC makes the online journey for opening savings accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the bank to complete the process," said Amit Kumar, Head – Retail Liabilities, IDFC First Bank. <br /><br /> This is especially relevant in the current times given loss of incomes and low returns offered by most other options, Kumar said. <br /><br /> The RBI-sanctioned video-based KYC process for opening of online <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword> allows customers to open a full-fledged savings account with no limit on maximum account balance. <br /><br /> The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact, the lender said. <br /><br />SEE ALSO: <a href="https://www.businessinsider.in/finance/news/sbi-axis-bank-and-kotak-mahindra-bank-and-other-banking-stocks-are-raising-capital-to-fill-npa-hole/articleshow/76054599.cms" data-type="tilCustomLink">Indian lenders like SBI, Axis Bank and others need $20 billion⁠ in capital— most of it will go into filling up NPA holes</a>

After Kotak Mahindra Bank, IDFC First Bank launches video KYC facility for customers to open savings accounts

<ul><li><strong>The RBI allowed banks to integrate <keyword id="7392422" type="UNKNOWN" weightage="20" keywordseo="Video-KYC">video KYC</keyword> in the account opening process in January 2020.</strong></li><li><strong>Kotak Mahindra Bank has now introduced video KYC for customers opening new Kotak 811 savings accounts.</strong></li><li><strong>Other major banks are working on video KYC and are expected to launch the facility soon.</strong></li></ul>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.<br /><br />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.<br /><br />This will allow customers to open a bank account and finish the KYC process from the safety of their home. As per <a href="https://www.moneycontrol.com/news/business/online-kyc-is-here-no-need-to-visit-a-branch-to-open-a-bank-account-5287881.html">reports</a>, other major banks are also working on launching their video KYC platforms.<br /><br />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.”<br /><br /><strong>How to open Kotak 811 savings account with video KYC<br /></strong><br />Here’s what you need to open a Kotak 811 savings account<br /><br /><ul><li>Aadhaar number</li><li>PAN card</li><li>A paper and pen to upload your signature</li><li>A proper background with good lighting</li><li>Clear view of the customer’s face</li></ul>Once you have all the required things, follow the below steps -<br /><br />    <div type="image" title="Kotak 811 savings account" msid="75990982" hostid="261" caption="&amp;lt;p&amp;gt;Kotak 811 video KYC application&amp;lt;/p&amp;gt;"></div><br /><ul><li>To begin, go to Kotak Mahindra Bank’s <a>website</a>.</li><li>Now, click on ‘Apply Now’.</li><li>Enter your name, mobile number and email ID.</li><li>Provide the bank consent to use Aadhar to open your account.</li><li>Now, enter your Aadhaar number, PAN and communication address.</li><li>Now, allow access to your phone’s location to begin the video KYC.</li><li>The bank executive will begin the video KYC.</li><li>Once your video KYC is completed, a Kotak 811 savings account will be opened.</li></ul><em>Note: Video KYC on Kotak is available from 10 am to 6 pm, Monday to Saturday.</em><br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/business/telecom/news/here-is-a-list-of-bank-atms-that-allow-you-to-recharge-your-jio-airtel-and-vodafone-numbers/articleshow/75006459.cms">Here is a list of bank ATMs that allow you to recharge your Jio, Airtel, and Vodafone numbers</a><br /><br /><a href="https://www.businessinsider.in/personal-finance/news/how-to-apply-for-emergency-loan-from-sbi/articleshow/75441666.cms">How to apply for emergency loan from SBI</a><br /><br /><a href="https://www.businessinsider.in/tech/apps/how-to/how-to-schedule-whatsapp-messages/articleshow/75839535.cms">How to schedule WhatsApp messages</a></strong><br />

How to open a bank savings account using video KYC

Mumbai, May 18 () In a first, private sector lender Kotak Mahindra Bank on Monday launched a video-based KYC that will make it easier to open an account remotely, especially during the COVID-19 pandemic.<p> The Reserve Bank of India (RBI) earlier this year came out with detailed guidelines making video-based Know Your Customer (KYC) possible, after the banking system, which used to depend on Aadhaar data for remote account opening, got hit by the Aadhaar judgment of the Supreme Court.</p><p> Customers will need to share Aadhaar and PAN numbers as part of the account opening process under the video KYC system to open the 'Kotak 811 savings account', an official statement said adding that the facility will be used only for the savings accounts on a pilot basis.</p><p> Once a customer requests to open an account on the website, a bank executive will come on the video call with the customer and will involve the customer signing on a blank paper, it said adding that the entire video will be saved by the bank.</p><p> In the earlier system, a customer's Aadhaar made it much easier to 'establish' her identity and helped the KYC requirements.</p><p> Its Group President (Consumer Banking) Shanti Ekambaram said that in the new normal after COVID-19, 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.</p> Only Indian citizens residing in India during the account opening process are eligible for video KYC, it said adding that the facility is available only for new to Kotak customers.  AA HRS

Kotak Mahindra Bank launches video-based KYC for opening of accounts remotely

Chennai, Jul 3 (): Equitas Small Finance Bank on Friday launched a new initiative allowing people to open savings accounts through video conference facility by revamping its mobile bank application. <p> The web application is designed to conduct a remote verification process through a video call triggering the domain of a 'relationship executive' of the bank, a press release said. </p><p> Customers can submit their details on the video call for the bank to take up verification. </p><p> With the initiative, a customer can open a savings account with the bank by submitting the full KYC through video. </p><p> "Today, Equitas Small Finance Bank is bringing in a new digital banking experience to its customers, the new video KYC account is a step forward towards our vision", Equitas SFB President Murali Vaidyanathan said. </p> He said the initiative would ensure contact less, no branch visit and hassle free account opening for customers. VIJ BN WELCOME WELCOME

Equitas Small Finance Bank enhances digital banking facility

<ul><li>Aditya Birla Sun Life AMC is all set to open its IPO next week, said a source aware of the development.</li><li>The issue size of the IPO is reportedly said to be ₹3,000 crore.</li><li>Aditya Birla Sun Life AMC is the fourth largest mutual fund house in the country with ₹2.75 billion average assets under management. </li></ul>Initial public offering (IPO) of Aditya Birla Sun Life AMC may open in the last week of September with an issue size of approximately ₹3,000 crore, said a source aware of the development. <br /><br />Aditya Birla Sun Life AMC is the fourth largest mutual fund house in the country with ₹2.75 billion average assets under management after SBI MF, HDFC MF and ICICI Prudential MF as of June quarter. <br /><br />Moreover, the company will be the fourth mutual fund company to get listed on exchanges. So far, HDFC AMC, Nippon Life India AMC and UTI AMC are listed. <br /><br />The company is a joint venture between Aditya Birla Capital and Canadian firm Sun Life AMC. Both the promoters will jointly sell a 13.5% stake in the company through the IPO. Aditya Birla Capital will sell 3.6 crore shares, and Sun Life (India) AMC Investments will offload 28.51 lakh shares in the asset management firm, according to the draft red herring prospectus (DRHP).<br /><br />The IPO will make a debut by selling 3.88 crore shares to the public. The company manages 135 schemes comprising 35 equity, 93 debt, 2 liquid schemes, 5 exchange traded funds (ETFs), and 6 domestic Funds of Funds as of December 31, 2020. <br /><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2018<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2019<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2020<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,323 crore<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,406 crore<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,233 crore<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹348 crore<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹446 crore<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹494 crore<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />From the beginning of the COVID-19 lockdown in India in March 2020 to December 31, 2020, the mutual fund company onboarded over 50,000 investors through its video know-your-customer (KYC) facility. <br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/india-needs-to-review-how-it-wants-to-extract-tax-from-zomato-and-swiggy/articleshow/86446500.cms">India needs to review how it wants to extract tax from Zomato and Swiggy</a><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/airtel-rights-issue-details-record-date-issue-price-and-more/articleshow/86446419.cms"><strong>Airtel rights issue worth ₹21,000 crore opens next month – record date, price, ratio and everything else you need to know</strong></a><br />

Aditya Birla Sun Life AMC IPO likely to open next week with a ₹3,000 crore issue size

<ul><li><keyword id="9304204" type="UNKNOWN" weightage="20" keywordseo="uflex-shares">Uflex shares</keyword> zoomed over 9% after the company announced that it has developed a <keyword id="2493103" type="PERSON" weightage="20" keywordseo="personal-protective-equipment">Personal Protective Equipment</keyword> (PPE) coverall ‘Flex Protect’.</li><li>Since the beginning of 2020, Uflex share price has taken a massive hit because of the subdued market sentiments.</li><li>Uflex, along with <keyword id="6431668" type="COMPANY" weightage="20" keywordseo="IIT-Delhi">IIT-Delhi</keyword> recognized the opportunity towards playing a vital part in the battle against COVID-19, said Pillai, the joint president for packaging and new product development at UFlex.</li></ul>India’s largest multinational flexible packaging company Uflex shares zoomed over 9% after the company announced that it has developed a Personal Protective Equipment (PPE) coverall ‘Flex Protect’ in joint collaboration with IIT-Delhi, INMAS and DRDO.<br /><br />Since the beginning of 2020, Uflex share prices had taken a massive hit because of subdued market sentiments.The share price has declined over 40% since the beginning of this year, till date. But interestingly, since the lockdown has started the shares have begun to climb back up at a steady pace.<br /><br />    <div type="image" title="uflex." msid="76063887" hostid="261"></div><br />Jeevaraj Pillai, the joint president for packaging and new product development at UFlex said that with the rising <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> cases and scarcity of PPE coverall, Uflex decided to play a vital part in the battle against COVID-19.<br /><br />    <div type="Article" hostid="261" msid="76059432" title="India's largest carmaker has just 60,000 orders for June⁠— less than a third of its capacity" mstype="2" mssubtype="0"></div><br />“Flex Protect comes with Four-layered Protection and Anti-microbial Coating and has been approved by <keyword id="7484836" type="COMPANY" weightage="20" keywordseo="The-Defence-Research-and-Development-Organisation">The Defence Research and Development Organisation</keyword> (DRDO) for use by the front-line health workers who are fighting the battle against COVID-19,” the company said in a <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/43207dd3-b650-4bef-b618-c6de0c1f2079.pdf">stock-exchange filing</a>, today (May 28).<br /><br />Uflex said the protective gears are made from a combination of non-woven polypropylene fabric and further impregnated with antimicrobial PPC coating through a special process to increase the breathability. <br /><br />    <div type="Article" hostid="261" msid="76061116" title="India reports 6,566 new coronavirus cases on May 28— tally inches towards 160,000 mark, with 43.75% recovery rate" mstype="2" mssubtype="0"></div><br />“As compared to other PPE Kits, the Flex-Protect Coverall Standard is made of 70 GSM which makes it very comfortable and flexible, and fit to be worn for long hours as well,” it <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/43207dd3-b650-4bef-b618-c6de0c1f2079.pdf">added</a>. <br /><br />The company also said that it will be bidding for government requirements to supply PPE coveralls and it will be retailed via chemists and e-commerce platforms.<br /><br />SEE ALSO: <a href="https://www.businessinsider.in/business/news/idfc-first-bank-launches-video-kyc-facility-for-customers-to-open-savings-accounts/articleshow/76063073.cms?upcache=2" data-type="tilCustomLink">After Kotak Mahindra Bank, IDFC First Bank launches video KYC facility for customers to open savings accounts</a><br /><br />

India’s largest packaging company Uflex partners with IIT-Delhi to develop PPE kits—shares soar 9%

<img class="gwt-Image" src="/photo/54604829.cms" /><br />
<br /> A CMS-managed ATM at Turner Road, Bandra, in <keyword id="6358070" type="COMPANY" weightage="20" keywordseo="Mumbai">Mumbai</keyword> gives you the liberty to buy movie tickets, pay bills or book a flight without your debit or credit card being involved. The machine helps you to pay via registered mobile (OTP) and Aadhar platform for domestic remittances and currency deposit.<br />
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ATM machines will no longer be working just as cash dispensers. You can pay your electricity or gas bills or buy gold coins while displaying current marketprices. The new machines will become the onestop-shop for all payments.<br />
<br /> The ATM machine makers like <keyword id="845122" type="COMPANY" weightage="20" keywordseo="Diebold">Diebold</keyword> and NCR are lookin g at the ATM machines with multifunction capabilities like cash recycling, foreign exchange, loan repayment, cheque encashment and <keyword id="19032" type="PERSON" weightage="20" keywordseo="Bill">bill</keyword> payment for utilities, mobile recharge and DTH top-ups.<br />
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At AGS' innovation centre in Mumbai, intelligent ATMs have been designed with a gold coin dispensing facility; with the gold coin being issued along with a certificate of authenticity .<br />
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"We've put in elaborate security measures in place, including firewalls, server clamping, ATM shutdown, to ensure our ATMs are 100% secure,"Ravi Goyal, chairman &amp; MD, AGS told ET.<br />
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Even an account can be opened with the help of the modern age ATM machines using a selfservice module. The device offers a video conferencing facility and enables scrutiny of mandatory KYC documents.<br />
<br /> Instants loans with a cap of Rs 50,000 can also be approved at the new ATMs. "Cross-selling of products like granting of loans is something that is very easily doable and our ATMs have the capability. It's the underwriting and credit checks that needs to be in place from the banks' end," said <keyword id="79017" type="PERSON" weightage="20" keywordseo="Chandrasekhar">Chandrasekhar</keyword>, presi dent-services, Electronic Payment and Services.<br />
<br /> “Bill payment for utility companies like Adani Gas, BSES Rajdhani Power, Central Power Distribution, Eastern Power Distribution, <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword>, via ATMs is something that <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> is looking at,” an <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> official told ET.<br />
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ATM makers are already running pilot projects and are also in talks with India banks. India's regulatory framework does not permit the dispensation of forex except at select exchange outlets and at designated bank branches in India.<br />
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You Searched For "video kyc facility" and got 7 results

After Kotak Mahindra Bank, IDFC First Bank launches video KYC facility for customers to open savings accounts

PTI

How to open a bank savings account using video KYC

Rounak Jain

Kotak Mahindra Bank launches video-based KYC for opening of accounts remotely

PTI

Equitas Small Finance Bank enhances digital banking facility

PTI

Aditya Birla Sun Life AMC IPO likely to open next week with a ₹3,000 crore issue size

Bhakti Makwana

India’s largest packaging company Uflex partners with IIT-Delhi to develop PPE kits—shares soar 9%

Navdeep Yadav

Next time you want to book a flight, visit your nearest ATM

BI India Bureau