The Reserve Bank of India (RBI) is most likely to introduce several new modes of electronic verification of customers for financial institutions including live video, says sources.
In a meeting with RBI, industry executives hinted that they were interested in introducing digital authentication method that would make use of XML internet format to extract limited information on customers from the Aadhaar database, said the report. It also clarified the exclusion of the biometrics collected while generating Aadhaar.
“RBI is more keen on starting off with XML-based Aadhaar authentication instead of offline QR code-based verification since the industry is not ready with that offering yet,” said the sources.
The payments industry executives have pitched for the usage of live videos rather than the recorded ones.
The RBI is also waiting for the amendments in the Prevention of Money Laundering Act before updating its Know-Your-Customer (KYC) guidelines.