Which Bank launched a paperless account opening facility for NRIs?

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Mishra Ji asked 25-Apr-2019 in Banking by Mishra Ji

Which Bank launched a paperless account opening facility for NRIs?

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UTKARSHA SINGHROUL answered 31-Jul-2019 by UTKARSHA SINGHROUL

The IDBI Bank, “Industrial Development Bank of India” has launched the paperless account opening facility for NRIs.

Which Bank launched a paperless account opening facility for NRIs?

IDBI Bank has launched the scheme named as 'NRI-Insta-Online' the process of account opening for NRIs living in Financial Action Task Force (FATF) as the member countries. Non-Resident Indians (NRIs), living in nearly 40 countries, will now be able to open an account in IDBI Bank without submitting paper documents. The person will not be required to furnish physical documents and KYC proofs for opening an account with the bank.

On the successful uploading and verification of the scanned documents, the account is instantly opened and a bit of electronic advice is sent to the customer. The FATF is an inter-governmental body which devices policy and sets standards to promote effective implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing, and other threats related to the integrity of the International Financing System.

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.

The head office of IDBI is at Colaba, Mumbai in Maharashtra. The institute was founded 55 years ago on July 1, 1964. The owner institute of IDBI is Life Insurance Corporation and the Government of India. The bank was instituted majorly for Financing, Promoting, and Developing Public and Private Industries in India.

On May 2013, the bank was ranked 1197 in the ‘Forbes Global 2000’ list. In the year 2011, it received ‘the best use of Business Intelligence and the Best Risk Management from Indian Banks Association’ the Banking Technology Award.