The Reserve Bank of India (RBI) has announced video-based Know Your Customer (KYC) as an option to establish a customer’s identity.

The decision comes as a major relief to fintech startups and digital non-banking financial companies (NBFCs) who have been calling for this feature as it cuts costs in a big way.

After the Supreme Court’s 2018 judgement prohibiting the use of Aadhaar by private companies, fintech companies have been requesting the authorities to come up with an alternative plan for completing the KYC process.

In May 2019, the RBI released new offline KYC rules which allowed banks to carry out Aadhaar authentication/offline-verification for individuals voluntarily allowing the use of their Aadhaar number.

The move was welcomed by fintech companies and the latest addition of video-based KYC is expected to further help startups expand their businesses. | To read full story, visit https://startuparound.com/read/1578636107.4862618/Fintech-Startups-Can-Sign-Up-Users-Faster-As-RBI-Allows-Video-KYC?ref=audio_experience