GIFT City has begun offering a video KYC facility for Non-Resident Indians (NRIs), enabling seamless digital onboarding without physical verification. This move, proposed by the International Financial Services Centres Authority (IFSCA), aims to attract global investors by simplifying account opening procedures.
The IFSCA has introduced the Video-based Customer Identification Process (V-CIP) for NRIs, allowing them to complete the know your customer requirements remotely. This regulatory-approved system includes features like AI-based facial recognition, live video checks, liveness detection and geo-tagging, ensuring high data security and fraud prevention.
The initiative is a key amendment to the IFSCA (Anti-Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022, announced via a consultation paper on July 10, 2025.
Initially, NRIs must submit basic KYC details with the Registrar and Transfer Agent (RTA) or Asset Management Company (AMC), along with proof of identity such as Aadhaar, PAN or other officially valid documents, and overseas bank account information.
Once verified, an account is created in debit freeze mode. This account becomes fully operational after receiving and verifying the first credit transaction from the same validated bank account.
The V-CIP-based onboarding is currently open for NRIs residing in selected jurisdictions, including the US, UK, Canada, Japan, South Korea, France, Germany, UAE and Singapore.
Only clients classified under the 'low-risk' category with valid current address proof from these nations will be allowed. Regulated Entities (REs) must validate IP addresses and cross-verify banking details with the foreign jurisdiction.
Read More: GIFT IFSC to Build a Robust Pension Fund Framework for NRIs and Foreign Nationals!
This initiative aligns with GIFT City's vision to become a globally integrated financial centre. By reducing the friction in onboarding, particularly for NRIs and offshore investors, GIFT City enhances its accessibility and competitiveness with other leading international financial centres.
The roll-out of video KYC for NRIs marks a significant leap towards digital transformation at GIFT City. With AI-backed verification and regulatory alignment, this step removes geographical barriers and encourages broader participation from India’s global diaspora.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in securities are subject to market risks. Read all related documents carefully before investing.
Published on: Nov 11, 2025, 2:05 PM IST
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