The Reserve Bank of India (RBI) is likely to introduce new modes of electronic verification of customers for financial institutions including live video, The Economic Times reported, citing sources.

The industry executives, in a meeting with the Reserve Bank of India (RBI), hinted they were interested to roll out a digital authentication method that would use the XML internet format to extract limited information on customers from the Aadhaar database, the report said, adding it will not include the biometrics collected while generating Aadhaar.

“RBI is more keen on starting off with XML-based Aadhaar authentication instead of offline QR codebased verification since the industry is not ready with that offering yet," the sources told the paper.

The payments industry executives told ET that the RBI is more keen on live videos rather than recorded videos.

The banking regulator is waiting for the amendments in the Prevention of Money Laundering Act before modifying its know-your-customer (KYC) guidelines as they derive their executive authority from the law, added the executives, according to the report.