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Customers likely to avail the facility by November
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Authority to streamline onboarding of NRIs with video-based KYC, eliminating paper-based applications for deposits and investments
The International Financial Services Centres Authority (IFSCA) will issue formal guidelines on video-based Know Your Customer (KYC) processes for Non-Resident Indian (NRI) customers by November, IFSCA Chairman K. Rajaraman announced on Tuesday, reported ptinews.com.
The new video-based KYC framework aims to simplify account opening for NRIs, making the process faster, flexible, and paperless.
Speaking at the sixth edition of the Global Fintech Fest 2025, Rajaraman said the authority is focusing on making KYC procedures more efficient in line with directions from Finance Minister Nirmala Sitharaman, who chairs the Financial Stability and Development Council
“A consultation paper on video KYC was released a few months ago, and now we are likely to notify guidelines by November. This will mean that paper-based applications for opening deposit accounts, investment accounts, or gifts will no longer be required,” he said.
The move is expected to enhance convenience for NRIs while ensuring compliance and security, further promoting fintech adoption in India’s financial centres.
