IDBI Bank has declared video-based customer identification process, in line with the RBI's decision to allow banks to accept the method due to the coronavirus posed challenges to the economy.
In an unscheduled announcement, RBI Governor Shaktikanta Das directed banks and other regulated financial entities not to impose any punitive restriction against customers for failure to update KYC till December end, in view of the second wave of coronavirus cases.
The regulator also extended the scope of video KYC (know-your-customer) or V-CIP (video-based customer identification process) for new categories of customers such as proprietorship firms, authorised signatories and beneficial owners of legal entities.
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