{"id":899,"date":"2021-04-06T12:42:29","date_gmt":"2021-04-06T07:12:29","guid":{"rendered":"https:\/\/www.digitalclassworld.com\/blog\/?p=899"},"modified":"2021-04-06T12:42:31","modified_gmt":"2021-04-06T07:12:31","slug":"full-form-of-kyc","status":"publish","type":"post","link":"https:\/\/www.digitalclassworld.com\/blog\/full-form-of-kyc\/","title":{"rendered":"Full form of KYC"},"content":{"rendered":"\n<p>Full form of KYC is <strong>Know Your Customer.<\/strong><\/p>\n\n\n\n<p>It is an important term or verification process which identifies and addresses the verification of all clients and customers by insurance companies, banks and institutions either before or when they completed their transactions with their customers.<\/p>\n\n\n\n<p>The Reserve Bank of India (RBI) has introduced the KYC process and made it mandatory for financial institutions, banks and other payment companies who carry out the transactions to avoid financial frauds such as, identity theft, money laundering and illegal transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Purpose of KYC<\/strong><\/h2>\n\n\n\n<p>Banks have to follow the KYC process advised by RBI while opening the accounts. KYC process as guided by RBI helps the banks from criminal or fraudulent activities or money laundering activities. Now a days KYC can not only be implemented by banks but it also implemented by other different companies.<\/p>\n\n\n\n<p>It helps to protect the customers from frauds who can use their name, address and forged signatures to make fake transactions. So that, customers of financial institutions should have to provide authentic information so by doing this, banks can identify their customers and provide services in a better way.<\/p>\n\n\n\n<p><strong>Required details and documents for KYC<\/strong><\/p>\n\n\n\n<p><strong>Documents such as,<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>PAN card<\/li><li>Passport<\/li><li>Aadhaar card<\/li><li>Identity card<\/li><li>Driving Licence<\/li><\/ul>\n\n\n\n<p><strong>Details such as,<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Date of birth<\/li><li>Customer name<\/li><li>Mother&#8217;s name<\/li><li>Father&#8217;s name<\/li><li>contact No.<\/li><li>Marital status<\/li><li>Address Proof<\/li><\/ul>\n\n\n\n<p>The KYC details or documents required for other Partnership firms or Companies are such as, Address Proof of the company, Entity Proof, Address and Identity Proof of authorized signatories.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Need of KYC<\/strong><\/h2>\n\n\n\n<p>KYC is very important for financial institutions, banks and other payment companies who carry out the transactions because to ensure that the customer is genuine and has no risk.<\/p>\n\n\n\n<p>The verification process of any person is done under the KYC process like, document verification, ID card verification and face verification for authenticating the customer and details given by them.<\/p>\n\n\n\n<p>The KYC process has made the banking process very secure and the RBI has made KYC necessary for all the banks for updating their customers regularly on KYC. If bank didn&#8217;t update the KYC of customers, they should have to pay the penalty by the RBI.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Importance of KYC<\/strong><\/h2>\n\n\n\n<p>To stop money laundering, KYC helps the government.<\/p>\n\n\n\n<p>For terrorism, KYC has reduced the funding.<\/p>\n\n\n\n<p>Due to KYC, people can avoid many types of banking fraudulent activities.<\/p>\n\n\n\n<p>The government and RBI are able to examined or monitor all types of banking transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Full form of KYC is Know Your Customer. It is an important term or verification&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-899","post","type-post","status-publish","format-standard","hentry","category-full-form"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Full form of KYC - Digital Class<\/title>\n<meta name=\"description\" content=\"KYC is an important term or verification process introduced by Reserve Bank of India (RBI). 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