Latest news with #CKYCR
Economic Times
a day ago
- Business
- Economic Times
RBI amends KYC rules to allow face-to-face, video and OTP-based onboarding for customers
The Reserve Bank of India (RBI) on Thursday introduced a series of amendments to its Know Your Customer (KYC) norms aimed at making customer onboarding faster, more flexible, and accessible across both digital and physical channels. Under the RBI (KYC) (Amendment) Directions, 2025, the central bank has laid out simplified procedures for onboarding customers using Aadhaar-based e-KYC, video KYC, and DigiLocker documents. The move is intended to support inclusive banking and ease the process for first-time users, especially those joining through government schemes like DBT, EBT, and PMJDY. Customers can open accounts using Aadhaar biometric-based e-KYC. If the current address differs from the Aadhaar address, a simple self-declaration is sufficient. Digital KYC is also permitted in in-person setups. Customers can be onboarded remotely using Aadhaar OTP-based e-KYC, subject to specific conditions. Banks can also accept DigiLocker documents, e-documents, and certified paper copies for verification. Accounts opened through NFTF must complete full Customer Due Diligence (CDD) within one year. V-CIP enables live, secure, consent-based video interaction with a bank official for identity verification. It is considered equivalent to face-to-face onboarding and is valid for both account opening and KYC updates. Central KYC Registry (CKYCR) integration: Banks must use the CKYCR to fetch a customer's existing KYC record with consent, avoiding the need for repeated document submissions. Business Correspondents (BCs): BCs are now authorised to assist in onboarding and KYC updates, increasing reach in rural and remote areas. Empathetic reactivation: Banks have been advised to take a lenient view while reactivating accounts opened under welfare schemes. The RBI has also asked banks to conduct special onboarding and KYC update camps and run targeted awareness campaigns in rural and semi-urban areas to bring more users into the formal banking system.
Time of India
a day ago
- Business
- Time of India
RBI amends KYC rules to allow face-to-face, video and OTP-based onboarding for customers
The Reserve Bank of India (RBI) on Thursday introduced a series of amendments to its Know Your Customer (KYC) norms aimed at making customer onboarding faster, more flexible, and accessible across both digital and physical channels. Under the RBI (KYC) (Amendment) Directions, 2025, the central bank has laid out simplified procedures for onboarding customers using Aadhaar-based e-KYC, video KYC, and DigiLocker documents . The move is intended to support inclusive banking and ease the process for first-time users, especially those joining through government schemes like DBT, EBT, and PMJDY. Three key modes of customer onboarding: 1. Face-to-face onboarding Customers can open accounts using Aadhaar biometric-based e-KYC. If the current address differs from the Aadhaar address, a simple self-declaration is sufficient. Digital KYC is also permitted in in-person setups. 2. Non-face-to-face onboarding (NFTF) Customers can be onboarded remotely using Aadhaar OTP-based e-KYC, subject to specific conditions. Banks can also accept DigiLocker documents, e-documents, and certified paper copies for verification. Accounts opened through NFTF must complete full Customer Due Diligence (CDD) within one year. 3. Video-based Customer Identification Process (V-CIP) V-CIP enables live, secure, consent-based video interaction with a bank official for identity verification. It is considered equivalent to face-to-face onboarding and is valid for both account opening and KYC updates. Additional measures to streamline onboarding: Central KYC Registry (CKYCR) integration: Banks must use the CKYCR to fetch a customer's existing KYC record with consent, avoiding the need for repeated document submissions. Business Correspondents (BCs): BCs are now authorised to assist in onboarding and KYC updates, increasing reach in rural and remote areas. Empathetic reactivation: Banks have been advised to take a lenient view while reactivating accounts opened under welfare schemes. The RBI has also asked banks to conduct special onboarding and KYC update camps and run targeted awareness campaigns in rural and semi-urban areas to bring more users into the formal banking system. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Promoções imperdíveis de voos baratos Voos | Anúncios de Pesquisa Saiba Mais Undo
Economic Times
2 days ago
- Business
- Economic Times
Financial sector regulators to work on universal KYC
Financial sector regulators, led by the RBI, are developing a universal KYC framework with the CKYCR to streamline verification processes. Nirmala Sitharaman urged regulators to ensure seamless KYC experiences for citizens and expedite refunds of unclaimed amounts through district-level camps. The FSDC also discussed strengthening cybersecurity and implementing budget announcements related to KYC simplification for NRIs, PIOs, and OCIs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Financial sector regulators, including the Reserve Bank of India , will look at a universal know your customer (KYC) framework and develop systems with the Central Know Your Customer Registry (CKYCR) to promote the inter-usability of records and avoid multiple minister Nirmala Sitharaman in a meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday urged the financial sector regulators to take proactive steps to ensure that citizens have a seamless experience with the KYC processes across the financial a statement, the finance ministry said the FSDC also considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity FSDC also discussed issues relating to formulating a strategy for implementing the past decisions and the budget announcements, which included prescribing common KYC norms, simplification and digitalisation of the KYC process, including digital onboarding for non-resident Indians (NRIs), PIOs and OCIs in the Indian securities FSDC has representation from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), the Securities and Exchange Board of India (Sebi), the Pension Fund Regulatory and Development Authority (PFRDA) and officials from the finance and corporate affairs urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level also emphasised that interest of common citizens be kept in mind and therefore expeditiously refund the claims of the rightful claimants, the statement unclaimed amounts comprise deposits in banks, unclaimed shares and dividends managed by IEPFA and unclaimed insurance and pension funds with Irdai and PFRDA, drive is to be conducted in coordination with RBI, Sebi, MCA, PFRDA and Irdai along with banks, pension agencies and insurance finance ministry statement noted that the FSDC also deliberated on the emerging trends from the domestic and global macro-financial situation and stressed the need to be vigilant."The council recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for the financial system's resilience," it said.
Time of India
2 days ago
- Business
- Time of India
Financial sector regulators to work on universal KYC
Financial sector regulators, led by the RBI, are developing a universal KYC framework with the CKYCR to streamline verification processes. Nirmala Sitharaman urged regulators to ensure seamless KYC experiences for citizens and expedite refunds of unclaimed amounts through district-level camps. The FSDC also discussed strengthening cybersecurity and implementing budget announcements related to KYC simplification for NRIs, PIOs, and OCIs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Financial sector regulators, including the Reserve Bank of India , will look at a universal know your customer (KYC) framework and develop systems with the Central Know Your Customer Registry (CKYCR) to promote the inter-usability of records and avoid multiple minister Nirmala Sitharaman in a meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday urged the financial sector regulators to take proactive steps to ensure that citizens have a seamless experience with the KYC processes across the financial a statement, the finance ministry said the FSDC also considered strengthening the cyber resilience framework of the Indian financial sector through a financial sector-specific cybersecurity FSDC also discussed issues relating to formulating a strategy for implementing the past decisions and the budget announcements, which included prescribing common KYC norms, simplification and digitalisation of the KYC process, including digital onboarding for non-resident Indians (NRIs), PIOs and OCIs in the Indian securities FSDC has representation from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (Irdai), the Securities and Exchange Board of India (Sebi), the Pension Fund Regulatory and Development Authority (PFRDA) and officials from the finance and corporate affairs urged the regulators and departments to expedite the process of refund to rightful owners of unclaimed amounts by holding special district-level also emphasised that interest of common citizens be kept in mind and therefore expeditiously refund the claims of the rightful claimants, the statement unclaimed amounts comprise deposits in banks, unclaimed shares and dividends managed by IEPFA and unclaimed insurance and pension funds with Irdai and PFRDA, drive is to be conducted in coordination with RBI, Sebi, MCA, PFRDA and Irdai along with banks, pension agencies and insurance finance ministry statement noted that the FSDC also deliberated on the emerging trends from the domestic and global macro-financial situation and stressed the need to be vigilant."The council recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for the financial system's resilience," it said.
