SBI Card has introduced the facility of KYC (VKYC) through video. SBI Card, a subsidiary of State Bank of India (SBI), has decided to provide KYC facility in this period of the Corona crisis without any contact. A press release issued by SBI Card states that the initiative reflects the company’s commitment to paperless, digital sourcing. The company has said that “The introduction of VKYC will not only help in curbing fraud but will also reduce the expenditure on KYC.”
The country’s leading credit card company said that in today’s time, the physical distance has become the new normal. In such a situation, customers do not have to meet anyone directly because of KYC. According to the release, the VKYC process includes things like facial recognition, dynamic verification code, live photo capture facial recognition. All these things are in accordance with RBI guidelines, which make it more secure than the physical KYC process.
SBI Card managing director and CEO Hardayal Prasad said that it is very important to maintain physical distance in today’s time. At this time, this feature has a lot of relevance.
Kotak Mahindra Bank has also introduced the KYC facility through video to open Kotak 811 savings account. The bank started this process on a pilot basis last month.