Kotak Mahindra Bank enables face authentication-based e-KYC

Kotak Mahindra Bank Limited (KMBL) on Tuesday said it has enabled client onboarding via face authentication-based Aadhaar e-KYC. “Kotak is one of the first banks to go live with enabling client onboarding via face authentication-based e-KYC," the bank said in its official statement.

The authentication is done via a mobile application developed by UIDAI. No additional device will be required to perform the authentication. The bank said this facility brings forth the convenience of significant time-saving as it takes only a few minutes to complete the entire authentication process. 

“Kotak Mahindra Bank believes in using the latest technology to bring in new and improved digital banking solutions to our customers. We would like to thank UIDAI for introducing the face authentication app through which we can offer this seamless digital onboarding to our customers," said Puneet Kapoor, President-Products, Alternative Channels and Customer Experience Delivery, Kotak Mahindra Bank.

The Aadhaar based face authentication method is used as an alternative to the currently used fingerprint authentication on Kotak Bank Digital Savings Account. 

On visiting the bank branch, customers can give consent to complete their KYC using Aadhaar based authentication. “They will be authenticated using the Aadhaar authentication process as prescribed in the bank regulations," Kotak bank said. A successful face authentication confirms that the physical face being scanned for verification matches the one that was taken at the time of enrollment of Aadhaar number and verifies the identity of the person. 

Kotak Mahindra Bank Limited (KMBL) on Tuesday said it has enabled client onboarding via face authentication-based Aadhaar e-KYC. “Kotak is one of the first banks to go live with enabling client onboarding via face authentication-based e-KYC,” the bank said in its official statement.

The authentication is done via a mobile application developed by UIDAI. No additional device will be required to perform the authentication. The bank said this facility brings forth the convenience of significant time-saving as it takes only a few minutes to complete the entire authentication process.

“Kotak Mahindra Bank believes in using the latest technology to bring in new and improved digital banking solutions to our customers. We would like to thank UIDAI for introducing the face authentication app through which we can offer this seamless digital onboarding to our customers,” said Puneet Kapoor, President-Products, Alternative Channels and Customer Experience Delivery, Kotak Mahindra Bank.

The Aadhaar based face authentication method is used as an alternative to the currently used fingerprint authentication on Kotak Bank Digital Savings Account.

On visiting the bank branch, customers can give consent to complete their KYC using Aadhaar based authentication. “They will be authenticated using the Aadhaar authentication process as prescribed in the bank regulations,” Kotak bank said. A successful face authentication confirms that the physical face being scanned for verification matches the one that was taken at the time of enrollment of Aadhaar number and verifies the identity of the person.

Onboarding via this process will help reduce the cost of acquiring for the bank as the cost pertaining to fingerprint device procurement and maintenance will go away. “This modality will also provide resolution to fading fingerprint miniature capture issues and related failures, especially for sourcing in the rural areas where farmer fingerprints change over the period of time,” the bank said in its statement. 

Source : Live Mint

Consider bankers as frontline workers for booster dose: AIBOC to Nirmala Sitharaman

Bank officers' union AIBOC has urged Finance Minister Nirmala Sitharaman to consider bankers as the frontline workers for administering booster shots amid rising COVID-19 cases across the country.

In a letter addressed to the Finance Minister, All India Bank Officers' Confederation (AIBOC) also suggested the implementation of a 5-day week to break the chain of the spread of the virus.

At all branches or offices, only 50 per cent staff should be physically present, and remaining staff should be allowed to work from home, it said, adding special status to bankers for availing public transport, including suburban railways under essential service category.

The government has said the precaution dose of the COVID-19 vaccine to be given to healthcare workers, frontline workers and those aged 60 years and above with comorbidities from January 10.

There should be mandatory rapid antigen tests for bankers to 'Detect, isolate and treat' at regular intervals, AIBOC general secretary Soumya Datta said in the letter.

Pointing out that about 2,000 bankers lost their lives in the first two waves, the letter said, "We consider ourselves to be a part of the 'Financial Army', who have braved the constraints and have served the nation in the time of crisis".

Unfortunately, it said, the recognition of bank employees as Frontline Covid Warrior (FLW) was delayed, denying the opportunity of getting vaccinated along with other FLWs in the first instance, which could possibly have averted the loss of precious lives.

As per the Union Health Ministry latest data, the country witnessed a single-day rise of 1,41,986 new coronavirus cases, including 3,071 cases of the Omicron variant reported across 27 states and Union territories so far.

Source: Economic Times

CSB Bank MD & CEO takes early retirement on health grounds

C V R Rajendran, Managing Director & Chief Executive Officer, CSB Bank, decided to take early retirement on health grounds. He will continue as MD & CEO till March 2022.

His current three-year term was supposed to end on December 8, 2022. Rajendran has been holding the position of Managing Director & CEO since December 9, 2016.

In a statement, the lender said that Rajendra said he decided to take early retirement on health grounds under the advice of his physicians. His decision to move on from the post of Managing Director & CEO has been approved by the Board of Directors in a meeting held on Saturday, the lender said.

The Board decided to constitute a search committee to identify and evaluate candidates, either internally or externally, for the position of Managing Director & CEO. It will engage an independent executive search firm in this connection.

Rajendran was instrumental in turning around CSB Bank. Under his leadership, the bank registered an impressive performance and returned back to the path of profitability in Q1FY 20, after incurring losses for many consecutive quarters.

Rajendran was in instrumental in bringing Rs 1,208 crore of primary capital in CSB Bank from FIH Mauritius Investments Ltd (a subsidiary of Prem Vatsa controlled Fairfax India Holdings Corporation). He was also the key driver in spearheading CSB Bank through a successful initial public offering, which was oversubscribed 87 times.

Prior to moving to private sector banking space, he had a long innings in public sector banking space, including as chief of Andhra Bank and executive director at Bank of Maharashtra.

Rajendran has ensured the effective implementation of a slew of sustainable growth strategies, which included healthy prudential parameters such as risk assessment, business expansion with a firm eye on bottom line, reducing the NPAs, moving to verticalised business model, and turning the underperforming bank to a new age agile profit making entity, CSB Bank said.

Source: Business Standard