The initiative is presently being launched on a pilot basis for savings accounts, Kotak Mahindra said in a press release. “The video KYC process to onboard new customers will be extended to other products in a phased manner,” the bank said in a statement.
With Video KYC, verification of documents, signature are completed via a video call with representative from the bank without any physical interface.
“In the new normal world that we must now adapt to in the aftermath of COVID-19,” said Shakti Ekambaram, group president consumer banking, Kotak Mahindra Bank.
“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.”
In January 2020, the Reserve Bank of India amended the Know Your Customer (KYC) norms and introduced
the video-based KYC option to onboard customers. Kotak is the first bank to integrate the Video KYC process
in the account opening journey.