Video-KYC for digital SB account opening launched

TGB and APGVB facility offers zero contact transaction

March 02, 2021 10:39 pm | Updated 10:39 pm IST - HYDERABAD

The Telangana Grameena Bank (TGB) and Andhra Pradesh Grameena Vikas Bank (APGVB) have launched Digital Savings Account opening, for new customers, through a video-KYC (know your customer) process.

The two regional rural banks were selected by State Bank of India to implement the pilot project of the video-KYC, which eventually is to be offered at all 14 RRBs sponsored by SBI.

SBI Chairman Dinesh Kumar Khara, who virtually launched the facility on Monday, appreciated the efforts of RRBs and application service provider C-Edge Technologies in implementing video-KYC feature. The RRBs possessed the skill sets and were nimble-footed with an ability to adopt new technologies. Launch of such facilities was a reflection of their progressive thinking. He complimented chairmen of the RRBs and expressed confidence that the banks will change the complexion of rural economy and make the parent bank proud.

A release said the Video KYC application used technology tools such as facial recognition, Dynamic Verification code, AI enabled OCR, geotagging as mandated by RBI directives to make the KYC process safe and secure.

SBI Managing Director (IB, T&S) Ashwini Kumar Tewari, CGM (A&S) Devendra Kumar and GM (RRB) A&S M.N.Aravind Kumar as well as APGVB chairman K.Praveen Kumar and TGB chairman V.Arvind participated in the programme.

Mr.Arvind said with this initiative TGB and APGVB would become the first among RRBs across the country in adopting the state-of-art technologies having full security features for zero contact on-boarding of customers on a par with commercial banks. It was expected to shore shoring up the CASA portfolio of the RRBs.

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