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Opening A Bank Account Online? RBI Allows Banks to Complete KYC Rules Using Videos

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jan 20, 2020 8:11 AM 2 min read

RBI allows banks to complete KYC rules using videos for opening a bank account online.



RBI allows banks to complete KYC rules using videos.

Know Thy Customer: The RBI has allowed banks to complete Know Your Customer (KYC) rules using videos, thereby easing the process of opening a bank account online.


Under the new rules, banks can carry out a seamless, secure, real-time and consent based audio-visual interaction with the customer, which shall be treated as equivalent to face-to-face process. 


The customer will be required display his/her PAN card during the video recording. Those with e-PAN would be exempted from producing a physical copy. Besides the live video recording, a photograph of the customer will also be captured separately. The bank will also capture the live location during the video recording with the help of geotagging to ensure that customer is physically present in India. Livemint


Government launches first e-commerce housing portal,

Let's Go House Shopping: The government has launched a first of its kind ecommerce housing portal for people looking for ready-to-move-in properties, Here's all you need to know about the new portal. 


As as per this fascinating report, while London remains the top choice for billionaire buyers, a newer crop of millennials prefers assets in markets that offer higher rental yields, such as Spain, Portugal, and Malta.


Anuj Puri, Chairman, Anarock Property Consultants, says many investors choose to buy a property in a certain country if its market sees a downturn and prices become attractive. “We had seen this happening during the US subprime crisis, and more lately during the Brexit angst in the UK. The slow-moving Indian real estate market has also pushed a not-inconsiderable number of Indians to consider property investment outside the country.” 


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