Indian Bank has announced the initiation of video KYC (Know Your Customer) services for new customers.
According to a statement by the bank today, the video KYC process will enable customers to open an account with them from anywhere in the country. This removes the need for users to visit branches in order to open an account.
The service integrates what the bank refers to as a Video-based Customer Identification Process (VCIP). Through this, users will get the ability to verify their documentation and identity through a video call, based on which bank deliverables such as cheque leaflets and debit cards will be delivered to a customer’s chosen address.
Users will subsequently be required to deposit a minimum balance, which too can be done online.
Other features such as net banking services will subsequently be activated, thereby giving users an entirely contactless and remote account opening experience.
To complete this, users will be required to produce a valid email address and phone number, PAN card and Aadhaar, and have an active internet connection on a mobile device or a computer.
Shanti Lal Jain, managing director and CEO of Indian Bank, said upon the launch, “We will extend this facility to all applicable services in a phased manner and widen the breadth of customers being covered. Additionally, this should help us extend our reach and significantly help us in driving financial inclusion. This is a step towards digitisation.”