IFSCA to Introduce Video-Based KYC Norms for NRI Investors by November

The International Financial Services Centres Authority (IFSCA) will soon make it easier for Non-Resident Indians (NRIs) to open accounts and invest in GIFT City by introducing video-based Know Your Customer (KYC) guidelines by November. This step will eliminate paper-based applications and support fully digital onboarding.

Focus on Digital KYC and Seamless Onboarding

IFSCA Chairman K. Rajaraman announced at the Global Fintech Fest 2025 that the authority will issue guidelines on video-based KYC for NRI customers by November. 

As per the news reports, he said, “A consultation paper on video KYC was released a few months ago, and now we are likely to notify (guidelines) by, say, by November, which means that now paper-based applications for opening a deposit account or an investment account and a gift would not be required.” 

He also stated that IFSCA is collaborating with the Unique Identification Authority of India (UIDAI) and the Reserve Bank of India (RBI) to develop an unassisted face authentication system, allowing NRIs to access GIFT City’s services digitally from locations such as San Francisco or Dubai.

Advancing Financial Infrastructure at GIFT City

IFSCA, the unified authority for regulating financial products and institutions in International Financial Services Centres, is also enhancing GIFT City’s ecosystem with a new foreign currency settlement system. 

Launched by Finance Minister Nirmala Sitharaman, this system will allow real-time settlements, improve liquidity management, and ensure regulatory compliance, replacing the existing 36-48-hour delay in transaction settlements.

Read More: ICICI Prudential AMC Opens New Office at GIFT City, Launches India-Focused Fund!

Conclusion 

The IFSCA’s upcoming video-based KYC and digital authentication system mark a major step towards streamlining NRI onboarding and boosting financial inclusion through GIFT City. Combined with the new foreign currency settlement system, these measures will enhance transparency, speed, and ease of doing business in India’s global financial hub.

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