No More Easy KYC? RBI’s Latest Move Changes Aadhaar OTP Rules; Check Details

Even though you can open an account in minutes in today's digital age, cybercriminals are using this to increase fraud. In this situation, the RBI has made an important announcement.

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Aadhaar OTP

Opening/fully activating a bank account using only Aadhaar OTP is now strictly controlled. While opening an account in minutes is easy, cyber fraud has increased, so banks are tightening KYC rules.

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Aadhaar-linked mobile number

Previously, e-KYC was completed and accounts opened just by entering the OTP sent to the Aadhaar-linked mobile number. But this way, bank officials can't verify if the person is real. This is used to create 'mule accounts' for massive fraud.

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Video KYC

To prevent this, many banks are promoting Video KYC. It's not just about uploading documents. You must speak directly with a bank representative on a video call and show original cards like Aadhaar and PAN.

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Assisted Video KYC

During Video KYC, the customer's live location is recorded, making it hard to cheat with fake photos/videos. Assisted Video KYC is also available for those in rural areas or who struggle with smartphones.

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KYC expired?

Importantly, don't trust messages like "KYC expired... click this link." Banks don't usually send random links. Complete KYC only through the official app or website to protect your money from cyber thieves.