Full Form of KYC is Know Your Customer. Know your customer (KYC) is the process of a business that is used by a bank.
As the name indicates it is a means for a bank or company to know details of its customers. In India, The Reserve Bank of India has introduced the KYC guideline with an objective to prevent identity theft, financial fraud, money laundering and terrorist financing.
The term is also used to refer to the bank regulation which governs these activities. Gas Agency, Investment/Insurance Houses, or other such offices/agencies will also require you to fill KYC form before you’re a customer or at times when you’re already a customer and you need to update the information provided by you earlier. KYC may ask you your name, date of birth, father’s name, mother’s name, marital status, address, contact information, any ID proof, nominees, and pan card number etc.
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