New Delhi: State Bank of India card has started KYC (Know Your Customer) facility through video. VKYC system has started as per the guidelines of Reserve Bank of India by permitting VCIP (Video-Based Customer Identification Process) as a method of establishing a customer's identity. The COVID-19 pandemic has brought unprecedented changes in the world and physical distancing is the key to survival in today's times. SBI card has introduced a video-based identification system for completing KYC procedures without any problems.
What is KYC (Know Your Customer) system?
The insignificant term "Know Your Customer" is a very important procedure in the finance sector. This system is very important as it is related to the identification of the customers. The process involves verification of the customer's identity.
In a press release, SBI Card said, "E-sign helps in obtaining a digital signature from the customer on a digital application form. The applicant will receive his digital application in a PDF format for validating the details he had provided." It also told that after signing the form, card processing will start. Commenting on it at the launch of VKYC, MD and CEO of SBI Card, Hardayal Prasad told that this decision has been taken with the vision of making life simple. This system is secure and provides ease in completing the procedures.
How does the VKYC system work?
1. Customers can get the digital application form from the official website of SBI Card
2. The appointment will be taken from the customer for VKYC and a link will be sent to the customer
3. Through the link, the customer shall fill all the details
4. Face to face call will be done between SBI and customer
- A customer shows PAN card on the video call
- Photo of the applicant will be clicked during the video call and it will be verified
- Location verification will be done to make sure that the customer is from India
5. Once all the mentioned procedures are done then VKYC procedure is over, the applicant has to sign the application digitally by E-sign method.