Punjab National Bank, India’s second largest Public Sector Bank has launched instant online savings account opening via Video KYC powered by GIEOM Digital Validator.
PNB is the first Public Sector Bank in India to launch Video KYC facility to enable its customers to avail all banking services without visiting a branch or help from the bank employees. This is aimed at boosting the bank’s distribution capability and lower the cost of customer acquisition.
Mr.Debasish Panda, IAS, Finance Secretary (Govt of India) and Mr. S. S. Mallikarjuna Rao, MD, PNB made the formal launch of the solution on April 12, 2021 on the occasion of their 127th Foundation Day.
Financial Services Secretary Debasish Panda said “Instead of developing the technology in-house, banks can collaborate with fintech and startups for digital transformation while staying focused on its larger role of credit growth and financial inclusion for the country,”.