List of Kyc Articles


How Is The Risk Perception Of Customers Linked To KYC: RBI

Sound KYC policies and procedures are critical for protecting the safety and soundness of banks and the integrity of banking system in the country. Due to increasing globalisation of Indian banks, their interaction with other countries' financial systems are expanding, making the task of ensuring safety of our systems more critical.

Banks to accept e-Aadhaar as 'valid document': RBI

The Reserve Bank of India on Tuesday said that banks may accept e-Aadhaar downloaded from Unique Identification Authority of India (UIDAI) website as an officially valid document under under prevention of money laundering (PML) Rules.

What Is UID?

The AADHAR system is being designed to eventually service the entire population of India, and will involve the biometric identification of 1.2 billion residents

e-KYC : Meaning and Process

eKYC, often called paperless KYC, is the process of electronically verifying the customer’s credentials. This is mandatory for everyone to avail of the services from any financial institution. It is also called Aadhaar-based eKYC as your identity is verified electronically wherein the service provider can access the details of your Aadhaar from the Unique Identification Authority of India (UIDAI) database.

How to Check KYC Status?

The Reserve Bank of India made the Know Your Customer (KYC) process mandatory in 2002 for the customers before they begin their investing journey. All the banks had to be KYC-compliant by December 31, 2005. According to the Prevention of Money Laundering Act, 2002, and the Securities Exchange Board of India-KYC Registration Agency (SEBI-KRA) Rules, 2011, it is compulsory for all market participants to follow the KYC guidelines.

How to update your KYC online

E-KYC or online KYC is an effective way to submit your identity and address proofs online. It is a standardized way to check the authenticity of customers on a portal by the Indian government.

Understanding the KYC Process

KYC or ‘Know your customer’ is a verification process, mandated by the Reserve Bank of India, for institutions to confirm and thereby verify the authenticity of customers. To verify their identity and address, they need to submit their KYC documentation before investing in a variety of financial instruments.

Documents Required For KYC

KYC or ‘know your customer’ is a mandatory verification procedure carried out by any banks, financial institutions, and other Indian organisations with the goal of minimising illegal activities like money laundering.

What is KYC - Meaning, Types, and Importance

Since 2004, the Reserve Bank of India made it compulsory for all Indian financial institutions to verify both the identity and address of all customers carrying out financial transactions with them. Thus, the KYC process was introduced by the RBI as the only mode of verification.

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