OTP based e-KYC

[jonape4811]

Nowadays banks give option to open accounts using otp and then they do VKYC for full KYC.
But RBI says only 1 account can be opened usin e-KYC.

So let's say if I open an account in Kotak 811 using my smartphone at home, can I open a Federal Bank Digital Account?

Also if there is a limit with OTP based eKYC, why don't bank directly do VKYC?

Let me know if I am missing something.

Attaching RBI's Notice - https://www.rbi.org.in/commonperson/english/scripts/Notification.aspx?Id=2068

 

[Tejo]

Attaching RBI's Notice - https://www.rbi.org.in/commonperson/english/scripts/Notification.aspx?Id=2068

actually understanding rules of india's ****** is difficult. condition upon conditions.

Actually, it supposed to mean, the customer should not open any other account while having limited kyc i.e otp e-kyc. The bank or other banks should not use the limited kyc information for kyc.

As a customer we give declaration, that set. who cares of this all ........... There was no agency to monitor.

upon full kyc only, the bank will update CERSAI, From this ckyc banks re-verify ...................... from bank to bank.

full kyc means vkyc or biometric or bank visit. here ......... banks simply will take passport size photo and otp. so its diffcult to monitor limited kyc accounts.

 

[Tejo]

So let's say if I open an account in Kotak 811 using my smartphone at home, can I open a Federal Bank Digital Account?

Also if there is a limit with OTP based eKYC, why don't bank directly do VKYC?

all psp banks instantly have vkyc option on working hours.

just proceed to open the ac.

 

[jonape4811]

all psp banks instantly have vkyc option on working hours.

just proceed to open the ac.

Cool thank you!

 

[jonape4811]

actually understanding rules of india's ****** is difficult. condition upon conditions.

Actually, it supposed to mean, the customer should not open any other account while having limited kyc i.e otp e-kyc. The bank or other banks should not use the limited kyc information for kyc.

As a customer we give declaration, that set. who cares of this all ........... There was no agency to monitor.

upon full kyc only, the bank will update CERSAI, From this ckyc banks re-verify ...................... from bank to bank.

full kyc means vkyc or biometric or bank visit. here ......... banks simply will take passport size photo and otp. so its diffcult to monitor limited kyc accounts.

So, after otp based kyc if I go for a video kyc then K am a full kyc customer and can open another OTP based account?

 

[Tejo]

So, after otp based kyc if I go for a video kyc then K am a full kyc customer and can open another OTP based account?

Yeah sure.