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The Reserve Bank of India (RBI) launched the Aadhaar-based Video
Customer Identification Process (V-CIP) on 9 January 2020. The aim of
the move is to allow banks and other lenders to remotely complete Know
Your Customer (KYC) of customers on videos. V-CIP: ? RBI has allowed
consent-based video-based KYC as an option to establish a customer's
identity. ? It is expected that it will make the process easier for
banks and other regulated entities to adhere to the RBI's KYC norms. ?
It moves with a view to leveraging the digital channels for the Customer
Identification Process (CIP) by Regulated Entities (REs). ? RES has
been encouraged to take the assistance of the latest available
technology like Artificial Intelligence (AI) and face matching
technologies, to ensure the integrity of the process and the information
furnished by the customer. ? This consent-based method will be an
alternate method of establishing the customer's identity, for customer
onboarding. ? This approval by RBI was a long-standing industry demand
for several years as many banks, especially digital NBFCs and fin-tech
startups, as it will reduce the costs of physically reaching out to
customers in remote locations where they did not otherwise have
branches.
In a first, HDFC Bank launched myApps application on 9 January 2020. The
app aims to boost digital payments in India. myApps: ? myApps is a
customized suite of banking products. ? The app will benefit urban local
bodies, housing societies, local clubs and gymkhanas, and religious
institutions. ? It will allow institutions to customize their branding
and content. ? Using the app one can publish their application on the
Google PlayStore or Apple AppStore in the name of the institution. ?
myApps is free to all members of each institution without any monthly
subscription charges. ? Members can pay monthly bills or fees and make
an online booking for different facilities via myApps. ? The
organization will get easy access to reports on payments, facilities
booked by members, requests and complaints registered by users. ? The
app can be customized in over 20 languages starting with Hindi and
English. ? The move by HDFC bank aims to help organizations to entirely
digitize their ecosystem through myApps. ? Currently, HDFC Bank is
offering four types of applications namely, mySociety, myClub, myPrayer,
and myCity.
The Reserve Bank of India (RBI) has permitted the select banks in India
can offer forex rates to Indian clients round the clock, which is 24X7.
Now the select banks can work beyond the inter-bank market hours, which
now run from 9 am to 5 pm. Benefits: ? The move will allow the Indians
to hedge their foreign exchange risks at any time of the day. ? It will
make the offshore currency markets in Dubai and Singapore less
attractive for Indian investors. ? RBI has also decided to accept the
recommendation of the task force on the offshore rupee market. Hence it
permits the authorized dealers Category-I banks to offer foreign
exchange prices to users at all times either by a domestic sales team or
through their overseas branches. ? This allows transactions with person
resident outside India, through their foreign branches and subsidiaries
can be undertaken beyond onshore market hours. ? It benefits the bank's
clients to manage overnight currency risk as they can now hedge beyond
local market hours.
