What is the Full Form of KYC – 3 Strong Benefits of KYC, Buy Books Online

What is the Full Form of KYC

What is the Full Form of KYC

What is the Full Form of KYC
What is the Full Form of KYC

Full Form of KYC

The full form of KYC is Know Your Customer and sometimes Know Your Client. KYC check is the mandatory process of identifying and verifying the client’s identification when opening an account and periodically over time checking. In other words, banks must make sure that their clients are genuinely who they claim to be. KYC data is a needful process to recognize the identity of the customer. Apart from the full form of KYC, we will also cover some basic information related to KYC.

KYC Objective

KYC guidelines help to secure banks/clients from using criminal networks, intentionally or involuntarily, for money laundering activities and others. Also, KYC helps banks communicate with clients and financial transactions. That helps them to tackle their risks carefully. Today KYC can be implemented not only by banks but also by different online companies.

RBI Guidelines on KYC

The Reserve Bank of India (RBI) has recommended banks implement the KYC process during account opening initially. It protects the clients from scammers who can make fraudulent activity using their name, address, and faulty signs. Therefore, customers of banks and other financial institutions must provide authentic information so that banks can recognize and improve customer satisfaction. Apart from the full form of KYC, we will also discuss the benefits of KYC and disadvantages of KYC

Benefits of KYC

The KYC will help you to secure the payment service.
This will help you to protect your bank account from the fraud scams
The KYC documentation will help you to identify your assets properly.

List of KYC Documents

There is various required document serving as identification evidence and address proof. Here we have listed a few.
  • Passport
  • Voter ID card
  • Driving License
  • PAN card
  • Aadhaar Card

KYC Mandatory Organization

KYC is a mandatory practice for financial institutions and other related businesses. Companies must comply with the regulations or may face fines or penalties from authorities. The following are some examples of enterprises that need to incorporate KYC
  • Real estate business
  • Banks and their respective subsidiaries
  • E-commerce
  • Dealers of precious metals
  • Insurance companies
  • Casinos and online gaming
  • Virtual currency businesses

Our Vision

KitabDukan is a startup that stands on a vision to create an ecosystem for students where they can get good quality books for several top exams of India like JEE, books for JEE, books for NEET preparation, UPSC specific books, SSC top book collection, and many more. We at KitabDukan have the vision to create a smooth platform for students and professionals together to connect them on a single platform to make the learning and teaching process very unique and smooth. We have connected several top institutes of Jaipur, Patna, Banaras, and other cities for exams like JEE, UPSC, SSC, Banking, Railways, and many more exams. We focus to provide a good quality of books and handwritten notes all over India by which the students who belong to the low economy section can also get notes and books at their place through us. KitabDukan aims to become a platform to become an all-time solution for students all over India.

What KitabDukan Offers

We at KitabDukan avail the complete notification related to the examination. We provide a space on our website where they can find the previous year’s question papers. Also, we have a collection of the quality book which they can buy from our website to prepare well. We also provide full-time customer care support to our premium users through a career counseling program.

At KitabDukan, We avail the complete information starting from the latest exam notification, and complete syllabus, and then we provide you the complete list of important books which are needed for exams. In this article, we have demonstrated the full form of KYC along with the needful information related to KYC.

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