InvestorQ : Will the video KYC allow banks like Kotak Bank, RBL Bank to get more customers? How will it work in practice?
Sam Eswaran made post

Will the video KYC allow banks like Kotak Bank, RBL Bank to get more customers? How will it work in practice?

Answer
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swati Bakhda answered.
4 months ago


Kotak Mahindra Bank Ltd was the first one to launch a savings account for which the entire KYC process can be done online, followed by IndusInd Bank Ltd and RBL Bank Ltd. Most banks now already have video KYC bank account opening. Currently, even through clients could be procured digitally, they had to complete full KYC in 12 months and there was a limit of Rs.1 lakh holding till then. Now that is done away with as video KYC is good enough. This will be a true digital approach with minimal verification and the client on boarding can be done immediately in this case.