IFSCA Paves Way for Seamless NRI Onboarding with Video KYC by November

The International Financial Services Centres Authority (IFSCA) plans to issue guidelines on video-based KYC for NRIs by November. This initiative aims to streamline onboarding processes in partnership with UIDAI and RBI. Additionally, a new foreign currency settlement system was launched to enhance real-time transactions at GIFT IFSC.

The International Financial Services Centres Authority (IFSCA) is set to introduce guidelines by November for a video-based Know Your Customer (KYC) process targeting Non-Resident Indian (NRI) customers. IFSCA Chairman K. Rajaraman announced this at the Global Fintech Fest 2025, emphasizing the push towards an efficient, flexible KYC protocol.

This move follows directions from Finance Minister Nirmala Sitharaman to refine the KYC process, eliminating the need for paper-based applications. The forthcoming guidelines arise from a consultation paper on video KYC, released a few months prior.

Collaborating with the Unique Identification Authority of India (UIDAI) and the Reserve Bank of India (RBI), IFSCA aims to implement a faceless authentication system for seamless NRI onboarding. Alongside, a newly launched foreign currency settlement system promises real-time settlements, boosting liquidity management and compliance at GIFT IFSC.

(With inputs from agencies.)