RBI Digital KYC: How the new norms work?

For the process of customer identification by RE’s (Regulated Entities) like Banks, NBFCs, and other financial agencies, the Reserve Bank of India or the RBI has decided to make use of the available digital channels. This has led to the decision by the RBI to permit digital-based KYC where the customer-identification takes place through Aadhaar authentication or the V-CIP (video-based customer identification process).

RBI Allows Aadhaar Based Video KYC for Onboarding and to Establish Identity.

Soon banks, NBFCs, FinTech, and other financial organizations are likely to remove paper-based and physical onboarding processes of customers. These methods of processing are to be replaced by Aadhaar-based video-KYC (Know Your Customer) according to the new ruling by the Reserve Bank of India (RBI). This is based on the recent amendments made to the guidelines of KYC in India.

6 cases where you can use Aadhaar number instead of PAN.

Use Aadhaar Number Instead Of PAN: 6 Cases
Even though the Supreme Court of India has not yet made it mandatory, the Aadhaar and the PAN are two important documents that the government of India considers mandatory for certain purposes. Let’s take a look at what these two documents are.