HDFC launches KYC video installation for account opening and personal loans
The Video KYC process is an online, paperless, contactless and recorded interaction between a bank manager and the client.
HDFC Bank on Thursday announced the launch of the Know Your Customer (KYC) Video feature for savings, business payroll accounts and personal loans. The bank said in a statement that “a consent-based KYC video installation is an alternative method to establish the identity of the potential customer, during the account opening process in a safe and secure environment.”
The Video KYC process is an online, paperless, contactless and recorded interaction between a bank manager and the client. For Video KYC, HDFC said in a statement that customers must have a full Aadhaar OTP based EKYC in the banking app, have an original PAN card on hand, must be in India while performing Video KYC, and have a smartphone with good connectivity.
Once the customer has completed their eKYC Aadhaar through the bank’s website or insta account opening app available on Play Store, they will then be connected to a bank manager who will then handle the audio interaction- video from Video KYC Video KYC. It is only valid when the customer’s account is definitively activated. During Video KYC process, the bank manager will verify customer information, click customer photo and PAN card image.
Arvind Vohra, Group Head – Retail Branch Banking, HDFC Bank, said in a statement: “In the first phase we are rolling out it for savings, corporate payroll and personal loan customers and we will roll it out. gradually for other products. This facility is in line with our goal of leveraging technology to provide convenience to our customers. “
HDFC Bank added that as per RBI instructions, passing the Video KYC is equivalent to a full KYC and customers are eligible for all financial / banking products. It is available on working days from 10 a.m. to 6 p.m.