ANNOUNCEMENT 10 May 2021

The Indian Central Bank has introduced a data localisation requirement for video-based customer identification process.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 10 May 2021 | Removal date: open ended

Local operations

On 10 May 2021, the Reserve Bank of India through Circular RBI/2021-22/35 DOR.AML.REC.No.15/14.01.001/2021-22 notified an amendment to the Know Your Customer (KYC) Master Direction, 2016. The amendment requires that all data and recordings of Video-based Customer Identification process (V-CIP) shall be stored in India. 

V-CIP is a customer identification method with facial recognition and customer due diligence. The new regulation applies to financial institutions that use this kind of recognition system.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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