Question
What is specifically required for conducting V-CIP
(Video-Based Customer Identification Process) under RBI’s KYC framework?Solution
• V-CIP is a digital customer onboarding process permitted by RBI as part of KYC compliance. • It requires: o Secured network domains (to prevent spoofing and ensure authenticity). o Geo-tagging of customer location. o End-to-end encryption for secure data transmission. o Real-time audio-visual interaction between customer and bank official. • These safeguards ensure the validity and integrity of the onboarding process. • Hard copies of documents are not required, as OVDs can be validated electronically. Thus, the key requirement is secured network integration and geo-tagging.
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