Tag: KYC documents

List of Accepted KYC Documents

What is KYC – List of Accepted KYC Documents

Data sourced from Reserve Bank of India suggests that over 3,766 incidents of financial fraud have been reported in the financial year of 2019, involving an enormous amount of Rs.71,500 crore. Hence, the government introduced the system of KYC within the financial infrastructure to monitor and reduce identity theft, money laundering, and other fraudulent activities. What is KYC? KYC or Know Your Customer is a mandatory requirement in the identification process of an individual via official documents. Since 2005, RBI has made it mandatory for all financial institutions to retrieve proper KYC documents of every customer. The elements incorporated in the KYC policy of financial institutions include – Customer identification. Strict guidelines involving customer acceptance. Ri...