The International Financial Services Centres Authority (IFSCA) will introduce video-based Know Your Customer (KYC) guidelines for Non-Resident Indians (NRIs) by November, eliminating the need for paper-based account opening and investment procedures. The move is expected to boost cross-border fund flows and improve liquidity in India’s International Financial Services Centres (IFSCs), particularly GIFT City.
Speaking at the Global Fintech Fest 2025, IFSCA Chairman K. Ramarajan said the authority is focusing on streamlining the KYC process following directions from Finance Minister Nirmala Sitharaman to make onboarding more efficient and flexible.
“A consultation paper on video KYC was released a few months ago, and now we are likely to notify guidelines by November. This means paper-based applications for opening deposit or investment accounts in GIFT City will no longer be required,” Ramarajan said.
In a significant step towards digital onboarding, IFSCA is collaborating with the Unique Identification Authority of India (UIDAI) and the Reserve Bank of India (RBI) to introduce an unassisted face authentication system. While UIDAI has already implemented this system domestically, IFSCA plans to extend it to NRIs abroad, enabling seamless account opening from global financial hubs such as San Francisco or Dubai.
“If we can implement this within the next three to four months, NRIs will find it much easier to open accounts, invest, and transact through GIFT City in a fully digital, unassisted manner. Addressing the KYC challenge remains our top priority,” Ramarajan added.
The development coincides with the recent launch of the foreign currency settlement system at GIFT IFSC, which enables real-time settlements and is expected to further improve liquidity management for cross-border investors. Together, the initiatives aim to make GIFT City a more attractive hub for NRI investments, competing with other global IFSCs such as Singapore, Dubai, and London.
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