September 28, 2023

SBI Card launches video KYC facility, can now complete the process sitting at home


SBI Card (SBI Card) has given the facility to complete the ‘No Your Customer’ (KYC) process through video. The facility has been named VKYC by the company. According to the company, this facility will digitalize the application process for SBI card. SBI Card is the largest credit card issuing company in the country which operates as a subsidiary branch of State Bank of India.

Fraud will decrease
The company said that through this new facility fraud will be reduced as well as the cost incurred to complete the KYC process will be halved. Apart from this facility, this process will take time in advance.

This will be process

A customer has to fill an application form on the SBI card website or through a tele-calling channel.
An appointment is taken from the customer for VKYC, and a link for VKYC is sent to the customer. Through the link, the customer has to fill his details – name, date of birth, PAN card number and upload the XML copy of Aadhaar.
This is followed by a face-to-face video call with a SBI card officer through a dynamic verification code.
The customer shows his / her PAN card on video call for PAN verification through Al enabled OCR.
The applicant’s photo is taken and matched during a video call, using facial recognition software, which consists of an Aadhaar and PAN card. Also, location geotagging is done to ensure that the customer is in India.
Once everything is done correctly, the VKYC process is complete.

This year RBI gave its permission
In January this year, the RBI issued guidelines to complete the video-based KYC process. Earlier, banks had to rely on Aadhaar data to open accounts in remote areas.

What is KYC?
KYC is an identification process conducted by the Reserve Bank of India, which helps banks and other financial institutions know their customers better. KYC means “Know Your Customer”. Banks and financial companies fill the form for this and also take some proof of identity with it.

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