Bank of Baroda (BOB) has launched ‘Video Re-KYC’ service which will provide an optional facility to customers to complete Know Your Customer (KYC) related activities even when they are not physically present at their bank branch.
Bank of Baroda Video Re-KYC: If your personal account is in Bank of Baroda then there is an important news for you. Now you will not have to go to the branch to get KYC done in the bank. It is being told that Public Sector Bank of Baroda (BOB) has launched ‘Video Re-KYC’ service in which customers will have the option of completing Know Your Customer (KYC) related actions even when they are not visiting their bank branch. Will get facility. Video KYC facility can be used only by individual account holders of the bank who are Indian citizens above 18 years of age and have their Aadhaar number and PAN card.
How will be online KYC
In the first step, customers desirous of getting video re-KYC done will have to apply for re-KYC by visiting BOB’s website. After the online application is submitted, the bank employee will complete the KYC process by making a video call. During this, the customer will have to keep PAN card, a white paper and a pen of blue or black color with him. The bank said in a statement that video KYC calls will be made on any business day from 10 am to 6 pm. With the completion of the video call, the details related to the customer will be updated in the records of the bank. The customer will also be informed about this by sending a message. Bank of Baroda started video KYC facility in the year 2021 for digital savings accounts. Now it has been extended to its traditional customers as well.
What is KYC
KYC stands for ‘Know Your Customer’, and is a process aimed at verifying the identity of customers by entities providing financial services. The KYC process enables institutions or investors to verify the identity, address, and financial circulars of their customers. It helps in preventing illegal activities like financial fraud and money laundering. In KYC, the personal information of the customer such as name, address, date of birth and caste certificate etc. is given to the bank. For this, address proof information is required to verify the address of the customer. An Aadhaar Card, PAN Card, Election ID Card, Passport etc. are required to verify the identity of the customer. Information from financial circulars such as bank account information, income tax orders, investment portfolios, and other related details are required. Through the KYC process, institutions provide secure financial communication and investment facilities to their customers by verifying their identity. It also helps in preventing financial crimes and promotes transparency in the financial system.
Why do banks or financial institutions do KYC
The main objective of banks and financial institutions to follow the KYC process is to verify the identity of the customers and ensure safe and secure dealings with them for providing financial services. Through the KYC process, banks and financial institutions help prevent financial crimes such as money fraud, money laundering and terrorist activities. Through the KYC process, banks and institutions ensure the safety and security of capital by verifying the identity of their customers. Introduces financial institutions to its competence, communication, and organizational transparency. Through the KYC process, institutions can verify the financial statements of customers and ensure the safety of their capital. The KYC process is important for various legal disputes and compliance with regulations, such as compliance with income tax laws, prevention of terrorist financing activities, etc. Only after the completion of the KYC process, the financial institutions can provide various financial services to the customers, such as loans, banking services, investment services, etc.
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