Banks are pushing video KYC adoption as financial frauds tick up

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At a time when fraud attacks on the Indian financial services ecosystem is going up, banks are pushing the adoption of video KYC instead of electronic KYC as a way to open digital accounts, according to people in the know.

The central bank allows lenders to open digital savings accounts with just a basic Aadhaar and PAN card check. However, rules mandate a deposit limit of Rs 1 lakh in such accounts, and their conversion into full-KYC accounts within one year.

ET reported on December 12 that HDFC Bank, State Bank of India, ICICI Bank, etc., are asking…



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Banks are pushing video KYC adoption as financial frauds tick up



At a time when fraud attacks on the Indian financial services ecosystem is going up, banks are pushing the adoption of video KYC instead of electronic KYC as a way to open digital accounts, according to people in the know.

The central bank allows lenders to open digital savings accounts with just a basic Aadhaar and PAN card check. However, rules mandate a deposit limit of Rs 1 lakh in such accounts, and their conversion into full-KYC accounts within one year.

ET reported on December 12 that HDFC Bank, State Bank of India, ICICI Bank, etc., are asking…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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