Explain each of the following terms: (a) Digital KYC (b) Equivalent-e-Document.

Both, Digital KYC and Equivalent-e-Documents, are the improvisation in the process of revisiting the guidelines of KYC norms relevant to Customer Due Diligence issued by the RBI through Master Direction on KYC dated 25th February 2016. (a) Digital KYC, is capturing the live photo of the customer and officially valid documents or the proof of possession of Aadhaar, where offline verification cannot be carried out, along with latitude and longitude of the location where such live photo is being taken by an authorized officer of the Reporting Entity as per the provisions. Steps to carry out the Digital KYC process have also been stipulated. (b) Equivalent e-Document is an electronic equivalent of a document, issued by the issuing authority of such document with its valid digital signature including document issued to the digital locker account of the customer as per Rule 9 of the Information Technology (Preservation and Retention of Information by Intermediaries Providing Digital Locker Facilities) Rules, 2016.