{"id":5215,"date":"2021-06-02T07:17:23","date_gmt":"2021-06-02T07:17:23","guid":{"rendered":"https:\/\/signdesk.com\/in\/?p=5215"},"modified":"2025-09-17T07:12:43","modified_gmt":"2025-09-17T12:42:43","slug":"everything-you-need-to-know-about-rbi-amended-vcip","status":"publish","type":"post","link":"https:\/\/melento.ai\/en-in\/blog\/everything-you-need-to-know-about-rbi-amended-vcip","title":{"rendered":"Everything You Need To Know About RBI\u2019s New Video KYC Norms"},"content":{"rendered":"<h2><span style=\"color: #008000;\"><strong>RBI amends <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/video-kyc\">Video KYC<\/a> &amp; KYC updation rules<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">RBI announced an amendment to its Master Direction on KYC late on <strong>May 12, 2021<\/strong>.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The amendment covers a broad range of topics concerning Video KYC, <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/what-are-the-steps-in-rbis-new-vcip\"><b>V-CIP (Video-based Customer Identification Procedure)<\/b><\/a>, and KYC updation.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">The amendment was preceded by a <\/span><a style=\"color: #333300;\" href=\"https:\/\/rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=51526\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>speech<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> by the governor of the RBI in which the bank\u2019s intention to rationalise compliance with existing KYC norms was made clear. The present amendment takes forward this intention in a number of ways.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Here are the short highlights of the amendment to the KYC Master Direction.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>The definition of <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/what-are-the-steps-in-rbis-new-vcip\">V-CIP<\/a> has been amended\u00a0<\/b><\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>The scope of V-CIP has been extended to include new categories of customers &amp; new KYC transactions<\/b><\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>The minimum standards of infrastructure required for V-CIP have been updated\u00a0<\/b><\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>The procedure to be followed for V-CIP has been amended\u00a0<\/b><\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>The rules for periodic updation have also been amended to include V-CIP<\/b><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">This amendment to the Master Direction of KYC broadens the purview of <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>Video KYC<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> &amp; systematizes the infrastructure and procedure for <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">V-CIP<\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, allowing for wide-spread usage &amp; adoption.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Let\u2019s examine what the <\/span><a style=\"color: #333300;\" href=\"https:\/\/rbi.org.in\/scripts\/NotificationUser.aspx?Mode=0&amp;Id=12089\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>amendment<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> says in detail &amp; what it entails.<\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5234 aligncenter\" src=\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2021\/06\/RBI-New-Video-KYC.jpg\" alt=\"RBI-New-VCIP\" width=\"1000\" height=\"454\" \/><\/p>\n<h2><span style=\"color: #008000;\"><strong>What are the amendments to <\/strong><a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/what-are-the-steps-in-rbis-new-vcip\"><strong>V-CIP<\/strong><\/a><b>?<\/b><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/10-things-you-need-to-know-about-rbis-vcip-video-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>V-CIP<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> is a video &amp; consent-based customer due diligence (CDD) procedure, in which an authorized official conducts an audio-visual interaction with the customer to collect the required identifying information for onboarding.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">V-CIP was originally instituted on January 9, 2020, in a <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/rbi-permits-use-of-video-kyc-authentication\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>previous amendment<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> to the Master Direction of KYC. V-CIP has since been in use by banks &amp; NBFCs to verify customers digitally, but the scope was still not as extensive as the RBI intended, hence the present amendments to V-CIP.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><span style=\"color: #333300;\">These current updates to V-CIP are described in detail below<\/span>.<\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>V-CIP Has a New Definition<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The previous definition of V-CIP was as follows.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">\u201c <\/span><b>Video-Based Customer Identification Process (VCIP) <\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">is<\/span> <span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">a method of customer identification by an official of the RE by undertaking a seamless, secure, real-time, and consent-based audio-visual interaction with the customer, to obtain identification information including the documents required for Customer Due Diligence purpose, and to ascertain the veracity of the information furnished by the customer. Such a process shall be treated as a face-to-face process (the equivalent of OSV \u2013 Originally Seen and Verified process) for the purpose of this Master Direction. \u201c<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The newly amended definition of V-CIP is now &#8211;\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">\u201c<\/span><b>Video-based Customer Identification Process (V-CIP)<\/b><span style=\"font-weight: 400;\"> is an alternate method of customer identification with facial recognition and customer due diligence by an authorised official of the RE by undertaking seamless, secure, live, informed-consent based audio-visual interaction with the customer to obtain identification information required for <strong>CDD<\/strong> purpose and to ascertain the veracity of the information furnished by the customer through independent verification and maintaining an audit trail of the process. Such processes complying with prescribed standards and procedures shall be treated on par with face-to-face CIP for the purpose of this Master Direction. \u201c\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Note here that while V-CIP was previously interpreted as equivalent to OSV, it will now be treated on par with <strong>face-to-face CIP<\/strong>.<\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>V-CIP Is Now More Widely Applicable<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">The new amendment to the Master Direction of KYC broadens the scope of <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>V-CIP<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> in a number of ways.\u00a0<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 18px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>V-CIP can be carried out for non-individuals\u00a0<\/b><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">V-CIP is now applicable to individual customers and proprietors in the case of proprietorship firms authorised signatories &amp; beneficial owners of legal entities.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 18px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>V-CIP can be used to convert half KYC accounts to full accounts<\/b><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Accounts opened via non face-to-face eKYC, which are counted as half KYC accounts with certain restrictions can be converted to full KYC accounts via V-CIP.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 18px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>V-CIP can be used for periodic KYC updation\u00a0<\/b><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">RBI mandates that customer KYC for accounts be updated periodically. V-CIP can now be used to perform this updation process remotely.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The amendment also details the minimum infrastructure banks must have in place to conduct V-CIP.<\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>V-CIP Will Require New &amp; Secure Infrastructure<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">The infrastructure requirements for <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>V-CIP<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, according to RBI\u2019s Master Direction on KYC, are as follows.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(i)<\/strong> The technology infrastructure for V-CIP is to be housed on the premises of the RE (read bank) and the V-CIP interaction must originate from the secured network domain of the bank. All technology-related outsourcing for V-CIP should be compliant with RBI guidelines &amp; baseline cybersecurity measures must be followed.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(ii)<\/strong> The V-CIP interaction must be end-to-end encrypted between the customer\u2019s device and the hosting point of the <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/everything-you-need-to-know-about-video-kyc\"><b>V-CIP application<\/b><\/a>. The customer\u2019s consent should be recorded &amp; stored in a secure &amp; retrievable manner.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(iii)<\/strong> The V-CIP application should be capable of preventing connections from IP addresses outside India or from spoofed IP addresses.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(iv)<\/strong> The video recordings of the interaction between RE &amp; customer should contain the live GPS coordinates (geotagging) of the customer undertaking V-CIP, along with dates &amp; time stamps. The quality of the live video in V-CIP should allow identification of the customer beyond any doubt.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(v)<\/strong> The application shall have components to ensure liveness, perform facial matching with a high degree of accuracy &amp; spoof detection. Artificial intelligence (AI) technology can be used to ensure that V-CIP is robust.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(vi)<\/strong> The technology infrastructure for <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/10-things-you-need-to-know-about-rbis-vcip-video-kyc\"><b>V-CIP<\/b><\/a>, including application software as well as workflows, shall be regularly upgraded for security purposes. Any detected case of forged identity through V-CIP shall be reported as a cybersecurity event under RBI\u2019s present regulatory guidelines.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(vii)<\/strong> The V-CIP infrastructure must undergo tests such as Vulnerability Assessment, Penetration Testing, and a Security Audit to ensure its robustness and end-to-end encryption capabilities. These tests are to be conducted by suitably accredited agencies as prescribed by RBI &amp; must be carried out periodically.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(viii)<\/strong> The V-CIP application software, APIs &amp; web services must undergo appropriate testing of functional, performance, maintenance strength before being taken live. Applications are to be rolled out only after fixing all critical issues &amp; such testing must be undertaken periodically.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">This covers the new infrastructure mandated for V-CIP. The new V-CIP amendment also details an updated procedure for conducting V-CIP, let\u2019s take a look at what the new process is like.<\/span><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/melento.ai\/en-in\/pricing\" target=\"_blank\" rel=\"noopener\"><br \/>\n<button class=\"wpcf7-form-control wpcf7-submit envor-btn envor-btn-primary envor-btn-normal\" type=\"button\"><b>Book a Free Demo<\/b><br \/>\n<\/button><\/a><\/p>\n<h2><span style=\"color: #008000;\"><strong>Procedure for V-CIP Has Been Updated<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The previous procedure for V-CIP was outlined in one of RBI\u2019s previous amendments to its Master Direction on KYC &amp; has been in use for nearly a year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">The previous steps for V-CIP can be found <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/what-are-the-steps-in-rbis-new-vcip\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>here<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">The updated procedure for V-CIP, according to the new amendment, contains a few new steps. Here\u2019s all you need to know about the steps in the updated <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>V-CIP<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(i)<\/strong> V-CIP is to be conducted only by officials of the RE (here banks) specially trained for this purpose. The official must carry out a liveliness check and detect any other fraudulent manipulation or suspicious activity from the customer conduct and act upon it.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><strong>(ii)<\/strong> If there is a disruption in V-CIP, the process should be aborted and a fresh session initiated.<\/span>\/p&gt;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(iii)<\/strong> The sequence and\/or type of questions asked by the official to the customer during V-CIP must be randomized to establish that the interaction is taking place in real-time.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(iv)<\/strong> If the customer prompts any questions or reactions from the official, the V-CIP will be rejected.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(v)<\/strong> REs must structure the V-CIP workflow to take into account existing, new, or previously rejected customers.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(vi)<\/strong> The authorised official performing V-CIP must record both audio &amp; video of the customer, capture a live photograph of the customer present for identification and obtain the identification information using any one of the following:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>OTP based Aadhaar e-KYC authentication<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> &#8211; Aadhaar number of the customer, in this case, must be redacted or blacked out<\/span><\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>Offline Verification of Aadhaar for identification<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> &#8211; The XML file or QR code used for verification must not be older than 3 days at the time of V-CIP<\/span><\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>KYC records downloaded from CKYCR, using the KYC identifier provided by the customer<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> &#8211; V-CIP must be undertaken within 3 days of downloading identifying information from CKYCR<\/span><\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>Scanned copies of Officially Valid Documents (OVDs) including documents issued through DigiLocker<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> &#8211; V-CIP is to be performed within 3 days of downloading e-documents<\/span><\/span><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(vii)<\/strong> If the address of the customer is different from that indicated in the OVD, the current address of the customer must be captured via suitable records.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(viii)<\/strong> REs must capture a clear image of the customer\u2019s PAN card during V-CIP, except when e-PAN is provided by the customer. The PAN details shall be verified from the database of the issuing authority including through DigiLocker.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(ix)<\/strong> Usage of a printed copy of e-document including e-PAN is not allowed for V-CIP.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(x)<\/strong> The authorised official of the RE must ensure that photograph of the customer in the Aadhaar\/OVD and PAN\/e-PAN matches with the customer undertaking the V-CIP and the identification details in Aadhaar\/OVD and PAN\/e-PAN match with the details provided by the customer.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(xi)<\/strong> Assisted V-CIP will only be permissible when banks utilise Banking Correspondents (BCs) to facilitate V-CIP at the customer\u2019s end. Banks shall maintain the details of the BC assisting the customer, where services of BCs are utilized.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><strong>(xii)<\/strong> All accounts opened through V-CIP shall be made operational only after being subject to concurrent audit, to ensure the integrity of the process and its acceptability of the outcome.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Here\u2019s what the updated V-CIP procedure for banks will look like.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-5238 aligncenter\" src=\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2021\/06\/VCIP-Infographics.jpg\" alt=\"New-Video-KYC-Infographics\" width=\"1000\" height=\"1501\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Finally, let\u2019s examine what the new amendment means for KYC updation. <\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>What are the changes to KYC updation policies?\u00a0<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">RBI recommends a risk-based approach to KYC updation. This means that REs are to update KYC information based on the calculated risk of the customer account.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">For high-risk customers, KYC must be updated at least once every 2 years<\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">For medium risk customers, KYC is to be updated at least once every 8 years<\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">For low-risk customers, this period is increased to at least once every 10 years<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The amendment also lays down the rules to be adhered to for KYC updation of Individual &amp; Non-Individual customers.\u00a0<\/span><\/p>\n<h4><span style=\"color: #333300;\"><b><u>For Individuals<\/u><\/b><\/span><\/h4>\n<ol>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>If there\u2019s no change in KYC information<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, a self-declaration must be obtained from the customer\u2019s registered email ID, mobile number, ATMs, digital channels such as online or mobile banking, or through a letter.\u00a0<\/span><\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>If there\u2019s a change in address<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, a self-declaration of the new address is to be obtained via the means described previously. The new address must be confirmed within 2 months.\u00a0<\/span><\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>If the account holder is no longer minor, fresh photographs<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">\u00a0of the customer as an adult must be obtained &amp; KYC details must be updated wherever required.\u00a0<\/span><\/span><\/li>\n<\/ol>\n<h4><span style=\"color: #333300;\"><b><u>For Non-Individuals<\/u><\/b><\/span><\/h4>\n<ol>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>If there\u2019s no change in KYC information<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, a self-declaration of the same must be obtained from the Legal Entity (LE) via digital channels or a letter from an authorised official of the LE. Banks must also ensure that the information pertaining to the Beneficial Owners (BOs) are accurate.\u00a0<\/span><\/span><\/li>\n<li style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>If there\u2019s a change in KYC information<\/b><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">, banks must undertake the KYC process equivalent to <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/how-you-can-optimize-credit-card-onboarding-with-video-kyc\"><b>onboarding<\/b><\/a> a new LE customer\u00a0<\/span><\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Now that we\u2019ve covered the contents of the new amendment to the KYC Master Direction, let\u2019s examine what it means for FIs.<\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>What this amendment means for banks<\/strong><\/span><\/h2>\n<p><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Here\u2019s what banks should take away from the new V-CIP amendment to KYC norms.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 18px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>Video KYC will become more widely used<\/b><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">By extending the applicability of <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/digital-kyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>Video KYC<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> to not just individuals but firms, signatories &amp; owners of legal entities, the usage of <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">V-CIP<\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> to onboard customers will skyrocket.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/everything-you-need-to-know-about-video-kyc\"><b>Video KYC<\/b><\/a> is much faster, more convenient &amp; more cost-effective for banks compared to the usual paper-based KYC process; and due to this enlargement of scope, banks can now experience more of the benefits of automated <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/kyc-verification\"><b>KYC verification<\/b><\/a>.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">This will lead to increased adoption of V-CIP due to the numerous advantages it affords.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 18px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>Video KYC will become faster &amp; easier to use<\/b><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">By allowing the KYC identifier used by CKYCR to also be used in V-CIP, the Video KYC process will be simplified &amp; expedited.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">The KYC identifier of CKYCR is usually a 16-digit KYC Identification Number (KIN). This number is generated once <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/everything-you-need-to-know-about-ckyc\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>cKYC<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> has been completed &amp; can be used to quickly complete KYC with any regulated FI.\u00a0<\/span><\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Integrating KIN or other KYC identifiers with Video KYC will speed up the process as the customer\u2019s OVDs &amp; relevant identifying information will already be stored in CKYCR &amp; can be retrieved instantly using KIN. This reduces the number of steps in <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>V-CIP<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> &amp; ensures quick &amp; easy KYC completion.<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 18px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>Video-based KYC transactions will become the norm for FIs<\/b><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">The governor\u2019s statement also mentions how digital channels will be made available for all KYC transactions, and not just account opening.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Video-enabled KYC in particular is set to become a benchmark for FIs, as V-CIP enables remote &amp; instant transactions with a high level of security.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; font-size: 18px; font-family: 'open sans';\" aria-level=\"1\"><span style=\"color: #333300;\"><b>KYC &amp; compliance costs will be massively reduced<\/b><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\"><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/7-interesting-facts-you-probably-didnt-know-about-video-kyc\">Video KYC<\/a> has been shown to reduce operational costs for banks by between 85-90% &amp; reduce TAT on customer KYC verification by nearly 99%,\u00a0showcasing the significant <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/why-you-should-be-onboarding-customers-with-video-kyc\">Video KYC benefits<\/a>.<\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">By increasing the scope of V-CIP, RBI has ensured that banks will now be able to comply more easily &amp; at significantly reduced costs. This will increase the number of customers onboarded, which will, in turn, boost the formal economy &amp; allow more people to access financial services, while also being beneficial to banks.\u00a0<\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">V-CIP, therefore, is here to stay. The cost &amp; efficiency benefits of automated <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/kyc-verification\"><b>KYC verification<\/b><\/a> are simply too enticing for banks to pass upon. So who should you trust with providing you the best automated V-CIP solution?<\/span><\/p>\n<h2><span style=\"color: #008000;\"><strong>Award-winning V-CIP and Video KYC\u00a0<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Melento (Formerly SignDesk) is an award-winning provider of <\/span><a style=\"color: #333300;\" href=\"https:\/\/signdesk.com\/documentation-workflow-products\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>AI-powered verification and documentation solutions<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> to businesses.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Our <\/span><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b><a href=\"https:\/\/signdesk.com\/digital-kyc\">verification solutions<\/a>\u00a0<\/b>featuring the <a href=\"https:\/\/melento.ai\/en-in\/blog\/vipv-enabled-video-kyc-for-mutual-funds\">vipv<\/a> technology<\/span><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> have helped 250+ clients including 50+ major banks reduce onboarding expenses, cut down on KYC drop-offs, reduce TAT by 99%, and safeguard against fraud using cutting-edge compliance technology. Our efforts to automate KYC including <a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/blog\/face-detection-software\">face verification,<\/a> have additionally been recognised in the form of numerous <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/awards\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">awards<\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333300;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\">Melento (Formerly SignDesk)\u2019s <\/span><a style=\"color: #333300;\" href=\"https:\/\/melento.ai\/en-in\/vcip\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"><b>V-CIP solution<\/b><\/span><\/a><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans';\"> utilizes AI-powered document verification, OCR-based image data extraction &amp; ML-enabled fraud filters to make customer <a href=\"https:\/\/melento.ai\/en-in\/blog\/all-about-kyc-verification\">KYC verification<\/a> completely digital &amp; extremely cost-effective.\u00a0<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400; font-size: 16px; font-family: 'open sans'; color: #333300;\">Are you ready to join 250+ enterprises and start onboarding with Video KYC? Book a demo with us now and let\u2019s get started!<\/span><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/melento.ai\/en-in\/pricing\" target=\"_blank\" rel=\"noopener\"><br \/>\n<button class=\"wpcf7-form-control wpcf7-submit envor-btn envor-btn-primary envor-btn-normal\" type=\"button\"><b>Book a Free Demo<\/b><br \/>\n<\/button><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RBI amends Video KYC &amp; KYC updation rules RBI announced an amendment to its Master Direction on KYC late on May 12, 2021.\u00a0 The amendment covers a broad range of topics concerning Video KYC, V-CIP (Video-based Customer Identification Procedure), and KYC updation.\u00a0 The amendment was preceded by a speech by the governor of the RBI [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"page_templates\/blog-new-3.php","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[20,21,22],"tags":[244,313,495,572,797,1152,1467,1479,1570,1809,1938,1949,1950,2308,2309,2310,2373,2380,2396],"class_list":["post-5215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulations","category-v-cip","category-video-kyc","tag-banks-video-kyc","tag-ckycr","tag-customer-due-diligence","tag-digital-kyc","tag-e-kyc-authentication","tag-face-to-face-cip","tag-kyc-master-direction","tag-kyc-verification","tag-master-direction-of-kyc","tag-ovd-kyc","tag-rbi-ekyc","tag-rbi-new-vcip","tag-rbi-new-video-kyc","tag-v-cip","tag-v-cip-for-non-individuals","tag-v-cip-solution","tag-video-kyc","tag-video-kyc-non-individuals","tag-video-based-customer-identification-procedure"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything you need to know about RBI\u2019s new V-CIP - KYC | Melento (Formerly SignDesk)<\/title>\n<meta name=\"description\" content=\"RBI recently amended its rules for banks to conduct V-CIP. 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