Private sector lender HDFC Bank on September 17 launched the video know your customer (KYC) facility that will allow it to onboard customers digitally.
It has successfully completed its pilot and was opening up video KYC as an alternate method to establish the customer’s identity, the Mumbai-headquartered lender said in a press release.
Moneycontrol was the first to write, on August 13, about HDFC Bank running a pilot video KYC project for a limited set of customers.
“In the first phase, we’re rolling it out for savings and corporate salary and personal loan customers and (it) will be rolled out for other products in a phased manner,” said Arvind Vohra, group head–retail branch banking at HDFC Bank.
HDFC Bank joins a clutch of private-sector lenders that have started going live with video KYC. The process assumes tremendous significance at a time when the coronavirus outbreak has made visiting bank branches risky and stressful.
The bank created an “agile pod” for this service that included officials from branch banking, digital banking and retail assets all working together, the release said. The bank has created multiple such pods to simplify banking for customers.
To complete a video KYC, the customer will need to authenticate the Aadhaar number through an electronic KYC process, present the original PAN (permanent account number) card and be in India for the process to be validated.
The customer will also need to be online through a smartphone to avail the service.
Multiple tech platforms have started working with the banks to offer these services. While the video service can be provided by third-party players, the Reserve Bank of India has mandated that all the services be done through bank officials on the backend and the video verification be done through a secured line only.