V CIP full form

 



VCIP full form is Video-Based Customer Identification Process.

The Reserve Bank of India (RBI) has amended the Know Your Customer (KYC) standards for banks and other financial institutions. The new standard, after the amendment, allows these financial institutions to use the video-based customer identification process (V-CIP). This step will help banks and lenders to identify customers remotely.

The RBI published a notice for the same. RBI's notification said it permits the video-based customer identification process (V-CIP) as an alternative technique of recognizing and identifying a clients. RBI said the decision has been made to onboard customers in order to take advantage of digital channels for the customer identification process (CIP) by regulated entities (RE).

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As per the notification from the Reserve Bank of India, if offline verification is not possible due to remote location, Digital KYC has been defined as an officially valid document or proof of possession of Aadhaar in Section 3. Also, said that said live photo o The video will be taken by an authorized official of the reporting entity (RE).

The RBI notice said that evidence of ownership of the Aadhaar number, where disconnected check is beyond the realm of imagination will be sent through the V-CIP technique. Clients must present PAN, Aadhaar, proof of possession of Aadhaar and other documents, including respect for the nature of the business and the client's financial status.

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