Kotak Mahindra Bank becomes first bank in India to allow video KYC
- Kotak Mahindra BankNSE 2.62 % on Monday has introduced video-KYC facility for customers opening savings account on Kotak 811 – the banks digital banking platform.
- The private lender is the first Indian bank to offer video based “zero-contact” onboarding service.
- The initiative is presently being launched on a pilot basis for savings accounts, Kotak Mahindra said in a press release. “
- The video KYC process to onboard new customers will be extended to other products in a phased manner.
- With Video KYC, verification of documents, signature are completed via a video call with representative from the bank without any physical interface.
- “In this context, Video KYC can prove to be a game changer where customer verification is completed from the comfort of one’s home or office without the need for a physical interaction.”
- In January 2020, the Reserve Bank of India amended the Know Your Customer (KYC) norms and introduced the video-based KYC option to onboard customers.
- Kotak is the first bank to integrate the Video KYC process.
About Kotak Mahindra Bank-
- Kotak Mahindra Bank is an Indian private sector bank.Reserve Bank of India (RBI) issued a banking licence to Kotak Mahindra Finance Ltd., the group’s flagship company.
- It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of April 2019, it is the second largest Indian private sector bank by market capitalization.
- Foundation – February, 2003
- Headquarters– Mumbai, Maharashtra
- Chairman– Prakash Apte
- Managing Director & CEO– Uday Kotak
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