Banking: SBI customers have to complete KYC by February 28, else the account may be closed

Utility : State Bank of India (SBI) has sent an SMS to its customers asking them to complete KYC. The last date for this is February 28, 2020. If a customer does not have KYC, then the transaction (transaction) of his bank account will be stopped. Let us tell you that the Reserve Bank of India (RBI) has made KYC mandatory for all bank accounts.

Will not be able to transact money

SBI has said that please contact your SBI branch with latest KYC documents. In the event of non-completion of KYC, future transactions in your account can be stopped.

KYC can be done at home by mobile video

The Reserve Bank of India (RBI) has recently changed the KYC rules. Under this, the Aadhar based Video Customer Identification Process (V-CIP) has been approved. Now banks, NBFCs and other lending institutions will be able to use the video based identification process for KYC. With this, people will no longer have to go to banks or other institutions for KYC.

How will video KYC work?

• Under this new facility, officials of financial institutions present in remote areas will be able to identify the customer through PAN or Aadhaar card and some questions.
• The option of video call will be available only on the domain of the concerned bank or institution. Customers will not be able to make video calls through third party sources such as Google Duo or WhatsApp calls or any other means.
• Under the Aadhaar-based video customer identification process, officials of financial institutions will be able to verify the identity of the customer through some questions based on PAN or Aadhaar card. Along with this, the agent will also have to confirm under Geo-Coordinates that the customer is in the country.

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.