HDFC Bank goes live with Video KYC

The private sector lender joins other large banks to go live with a complete digital account opening process for its customers.

Moneycontrol News

September 17, 2020 / 13:14 IST

Private sector lender HDFC Bank on September 17 launched the video know your customer (KYC) facility that will allow it to onboard customers digitally.

It has successfully completed its pilot and was opening up video KYC as an alternate method to establish the customer’s identity, the Mumbai-headquartered lender said in a press release.

Moneycontrol was the first to write, on August 13, about HDFC Bank running a pilot video KYC project for a limited set of customers.

“In the first phase, we’re rolling it out for savings and corporate salary and personal loan customers and (it) will be rolled out for other products in a phased manner,” said Arvind Vohra, group head–retail branch banking at HDFC Bank.

HDFC Bank joins a clutch of private-sector lenders that have started going live with video KYC. The process assumes tremendous significance at a time when the coronavirus outbreak has made visiting bank branches risky and stressful.

COVID-19 Vaccine

Frequently Asked Questions

How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

Show