Indian Bank launches video KYC facility

Public sector Indian Bank on Tuesday said it has launched the Video KYC (know your customer) facility, which allows an applicant to open an account from anywhere by incorporating its Video-Based Customer Identification Process (VCIP) technology, on its web-based platforms.

To begin with, Indian Bank, in a statement here said the initiative would dispense with the need for a personal visit to any branch of the bank to complete the physical verification process in place, currently.

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The Video KYC facility, developed in conjunction with Gieom Business Solutions, further simplifies the subsequent steps and would deliver the cheque book and ATM card to the registered address of a customer.

Customers can proceed to deposit the minimum balance through offline or online route and transact seamlessly using the ATM card and mobile banking after completing the initiation procedures.

"It is a momentous occasion for us at Indian Bank to launch our Video KYC facility that will be using the latest VCIP technology to enhance customer convenience and experience.", the bank's MD and CEO, Shanti Lal Jain said.

"We will extend this facility to all applicable services in a phased manner... Additionally, this should help us extend our reach and significantly help us in driving financial inclusion... This is a step towards digitization," he said.

The pre-requisites to avail the Video KYC facility are a valid mobile number, e-mail, PAN Card, Aadhaar number (linked with mobile number) and access to a computer equipped with camera and a microphone facility.

The process validates the applicant's credentials from multiple sources like a bank representative initiated video-call, information from UIDAI, and OTP for registration of the mobile number, the statement added.