Indian Bank launches Video KYC facility enabled by VCIP technology

Chennai, 09th November 2021: In a bid to enhance the end-user experience, Indian Bank has formally launched the Video KYC facility today.

The facility relies on completing Know Your Customer (KYC) process via video mode, allowing an applicant to open an account from anywhere by incorporating Video-Based Customer Identification Process (VCIP) technology into its web-based platforms. To begin with, Indian Bank has extended this facility to all customers opening a normal Savings Bank account; it will dispense with the need for a personal visit to any Indian Bank branch to complete the physical verification process which is in place currently.

Developed in conjunction with M/s Gieom Business Solutions, this Video KYC facility further simplifies the subsequent steps and will deliver the Cheque book/ATM Card to the registered address. Customers can then proceed to deposit the minimum balance through offline or online mode and transact seamlessly using their ATM Card and Net/ Mobile Banking after completing the initiation procedures.

On the part of the customer, the pre-requisites to avail the Video KYC facility are a valid mobile number, e-mail id, PAN Card, Aadhaar number (linked with mobile number/email) and access to a computer or mobile device having camera and microphone facility besides an internet connection. The process validates the applicant’s credentials from multiple sources like Bank representative-initiated video call, information from UIDAI, NSDL and OTP for registration of mobile number.

Speaking during the launch event, Shri Shanti Lal Jain, MD & CEO, Indian Bank added, “It is a momentous occasion for us at Indian Bank to launch our Video KYC facility that will be using the latest VCIP technology to enhance customer convenience and experience. We will extend this facility to all applicable services in a phased manner and widen the breadth of customers being covered. Additionally, this should help us extend our reach and significantly help us in driving financial inclusion. This is a step towards digitisation.”
Executive Directors, Shri. V V Shenoy, Shri Imran Amin Siddiqui and Shri. Ashwani Kumar, were also present in the event besides other senior executives and staff of the Bank.

About Indian Bank

Established in 1907, Indian Bank is a premier Public Sector Bank with a dominant Pan-India presence. Government of India owns 88.06% of the shareholding. It is the First Public Sector Bank to install ATM at Harbour, Madras in 1989. The Bank has vast branch network with 6004 branches, 5428 ATMs & BNAs, 9095 BCs, overseas branches in Colombo and Singapore in addition to over 225 overseas correspondent banks.

Government of India had announced the Amalgamation of Allahabad Bank – a bank with 155 years legacy – into Indian Bank in 2019. Indian Bank commenced its operation as an amalgamated entity from 1st April 2020. The integration of CBS systems of both the Banks was completed on 14th February 2021. Indian Bank has constantly thrived to adapt latest technology and modify their techniques.

Apart from various initiatives undertaken by Indian Bank, one of the out-of-the-box initiative was launch of MSME Prerana – an Online Business Mentoring Programme for MSME entrepreneurs launched by Smt. Nirmala Sitharaman, Minister of Finance, Govt. of India on 6th October, 2020. It is a Pan-India Programme in vernacular languages (in all states / UTs), presently running in UP and Tamil Nadu. To strengthen this initiative, Indian Bank also launched Ind Spring Board, financing for Start-ups and entered into MOU with IIT Madras – Incubation Cell, IISc Bangalore and M/s. The Chennai Angels for identifying the eligible Start-ups for bank finance.

Over the years, Indian Bank has set new benchmarks in providing efficient banking services to its different client groups and has also emerged as a front– runner in delivering excellent customer service.

his news was shared to Prittle Prattle News via press release.

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