What Is KYC Full Form ?

Full Form Of KYC

In the Last Few years, it has become important for businesses and banks to properly verify their customers or clients. The objective of KYC guidelines is to save businesses from being used by criminal elements for money laundering, terrorism financing, tax evasion, and illegal activities. Banks, digital payment companies like phone pay, Paytm, google pay, or any financial institution is now required by the regulatory authorities to have their customer's KYC process completed before allowing them complete access to all services.

KYC Full Form in Bank In English

KYC full form is Know Your Customer. KYC was introduced by RBI(reserve bank o India) in 2002. Also, RBI mentioned some sectors that need to do the KYC process to their consumers. Banks and all their subsidiaries Insurance companies, Virtual currency businesses, E-commerce Dealers of precious metals, Legal Sector Real estate sector, Casinos, and online gaming Real estate sectors are need to done KYC.

How is KYC done?

Many financial institutions begin their KYC procedures by merely collecting some mandatory data and information about their customer's pieces of information, such as mentioned below..

KYC includes the following details:

• Customer Name
• Date of Birth
• Father's Name
• Address Proof
• Identity Proof
• PAN Card
• Source of the income

KYC Full Form | Meaning Of KYC

Know Your Customer

The Documents required for KYC for Individuals

• Passport
• Voter's Identity Card
• Driving Licence
• Aadhaar Card
• PAN Card

 More Full Forms

RTI Full Form

HR Full Form

DSLR Full Form

OPD Full Form