Originally posted 2022-02-01 13:28:40.
The full form of KYC is Know Your Customer. This is a process through which a company can know the customer and authorize its identity. Moreover, this process is mostly used by banks and financial bodies to get saved from fraud. RBI is responsible for the introduction of the KYC in India. A Person can authenticate himself using several documents or proof of his living. These documents are like Aadhaar card pan card voter ID or passport.
KYC means Know Your Customer. It is a procedure through which a company can know the customer and allow its identity. This process is mostly used by banks and commercial bodies to get KYC from frauds. RBI is responsible for the introduction of the KYC in India. is a good choice towards a safer digital payment system.
Furthermore, KYC is important because it helps bankers to identify their customers. This also allows the bankers to take out frauds when in need. There are several scams that cost banks a fortune and now they are more aware than before. Paytm and other payment wallets also get the KYC before your first payment. This is to ensure the proper track record. Physical KYC is present by doing a biometric scan of your fingerprint. This confirms that you’re the person whom you’re telling them to be. Additionally, KYC information is encrypted by the bank. This means your personal information is safe and won’t be affected by any attacks on their data. KYC is a good choice for a safer digital payment system.
Please complete your KYC this is most running or using slang in the bank field and it is also necessary for all wallet transactions like phone pay or other UPI apps.
because that’s also necessary for all banks.
Banks should build their own KYC policies including the following four key elements:
*Customer Acceptance Polic
*Customer Identification Procedures
*Monitoring of Transactions
*Risk Management.
KYC requires two compulsory documents like an Identity Proof with a photograph and an Address Proof. There are various types of KYC such as Central KYC (CKYC), Video KYC, Paper-based KYC, Adhaar KYC, Offline KYC, Digital KYC, etc. The purpose of KYC is to reduce the risk of identify thefts, etc.
The following documents are required when doing KYC.
Passport, Driving Licence, Voter’s Identity Card, Aadhaar Letter or Enrollment Letter if you have enrolled for an Aadhaar Card but have not received it, PAN Card, NREGA Card. There are many financial frauds going on. KYC helps in reducing the risks of financial fraud.
| Term | Full Form |
| KYC | Know Your Customer |
FAQ’s
This is a process through which a company can know the customer and authorise its identity. Moreover, this process is mostly used by banks and financial bodies to get save from frauds.
KYC is short form of Know Your Customer.
Know Your Customer is full form of KYC.
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