KYC Full Form: Know Your Customer, What is the full form of KYC? (KYC Full Form In Hindi) Because KYC is mandatory in almost every banking and financial work today, you can also call it a kind of identity card because, through Kyc itself, the user identity in the bank is recognized. is. This makes it easy for the government to know who is misusing the Banking service.
- KYC Full Form in English: Know Your Customer
- Category: Business
- KYC Full Form in Hindi: अपने ग्राहक को जानो
- KYC Full Form in Marathi: आपला ग्राहक जाणून घ्या
You must have seen many times that when an Account Holder goes to apply for an Account Open or Loan at the bank, then where does he first go to fill the KYC Form if you also have an account with the bank and you are not about Kyc If you know, then you must know about KYC. In today’s article, we will know what is KYC, KYC Ka Full Form Kya Hota Hai, Kyc Meaning In Hindi, What Is KYC Full Form In Hindi, let know.
What is the full form of KYC?
The full form of KYC is Know Your Customer. Know the full form of KYC in Hindi. With the help of KYC, the bank is able to know the complete information of its customer and at the same time, RBI has ordered on all banks that getting KYC done is mandatory at the present time.
If we define in detail, RBI has started this Kyc Process to know the identity of every bank customer. With the help of KYC, the bank gets to know about the information of its account holder and if any bank account holder misuses their account, then it is identifie with the help of KYC, hence it is compulsory to have KYC in today’s time.
What is KYC?
KYC is a process used by companies to identify their customer identity.
Companies ask for proof of identity from their customer. So that it can be found out what is the name of the person, what is the name of the mother or father, what is the place of residence, what is the date of birth, and other things.
KYC is a mandatory process. KYC came into existence in India in 2002 and RBI (which controls every bank in India) made it mandatory in the year 2004.
What documents are used in KYC?
KYC uses some documents to validate your identity card. For information, tell us where the Government of India has required Aadhaar Card for KYC. Many more documents are require to be done with an Aadhaar card. Are like-
- Voter’s Identity Card
- Driving Licence
- Aadhaar Letter/Card
- NREGA Card
- PAN Card
What is the purpose of having KYC in the banking system? (KYC full form)
Many such criminals are present who create fake accounts on the bank by giving fake address and identity cards, Kyc has been implement in the banking system only to prevent wrongdoing and to prevent all these wrongs. By having KYC done, the bank gets to know whether the information given in the document is correct or not.
Minimum KYC and Full KYC
When we do KYC by creating an account in Paytm or anywhere, all we have to do is write the document number and it becomes KYC.
This is the minimum KYC. Which activates your wallet. And in this, the limit of your wallet is very low.
Also, the validity of the Minimum KYC is very less (24 months).
But when you get full KYC done, you can keep a lot of money in your wallet and its validity is unlimite.
In this, you have to physically verify the documents by showing them.
Full KYC consists of in-person verification (IPV) in which you show the document to the company’s employee.
Digital Video KYC
You do not need to go anywhere to get full today. Many companies are giving you the facility to do full KYC at home.
In this, you can process KYC by showing documents to company employees on a digitally video call.
It falls under the category of digital KYC.
Where do you need KYC?
Where is the need for KYC, apart from opening an account with a bank, you may need to fill the KYC form for taking loans, buying mutual funds, getting a credit card, locker, post office RD and insurance, etc. If we talk about the guideline of RBI, then in today’s time, it is mandatory to fill KYC form in order to do transactions in the bank and to open an account in the bank. If you do not fill this form, the bank can also refuse you to open the account.
Types of KYC?
You may have known about KYC but you would not know how many types of KYC are there, then tell you that there are two types of KYC. Both KYC has different usage and due to different usage both of these Has different work.
- Based on Aadhaar (EKYC) – Based on K.Y.C.
- (IPV) In-Person Verification KYC (CKYC) – Person-Verification KYC
First of all, let’s talk about KYC based on Aadhaar. But it is also call Electronic Know Your Customer. If you have to get this KYC done, then some of its limits have been set. Within this, you will be able to get KYC done through Aadhaar or with the help of any other documents and you will be able to avail some services.
Now let’s talk about the person-verification K.Y.C. But it is called Central Know Your Customer. Being based on Central, KYC is done by banks as well as financial institutions. Within this, you get many facilities and this KYC are done by people who invest and who have a lot of money. If you do more transactions then only get this KYC done.
FAQ’S About KYC Full Form
Ans. The full form of KYC is Know Your Customer. Means a form of knowing your customer. In this KYC form, your name, bank account number, PAN card number, Aadhar card number, mobile number, and full address have to be filled in. In this way, the bank gets all the customer information.
Ans. What KYC means is hidden in its full form. KYC Full Form is Know Your Customer. KYC is a process in which the correct identification of its customer is done by a bank or institution. For which he is asked for his personal document, on the basis of which his identity is ensured.
Ans. In the first part of the form, you have to fill in personal information in which your name, father’s name, whether you are simple or not, whether you are a man or woman, your date of birth, your PAN number, and your Aadhaar number. And after that, you have to write identity proof.
Ans. The CKYC registry is a centralized repository of records for clients in financial services. The registry for Central KYC or CKYC is CERSAI. This unit is responsible for keeping data records for each KYC. This centralized registry ensures that standards for KYC are standardized in the financial sector in India.
Ans. Central KYC or CKYC is an effort of the government through which all the financial sector KYC i.e. Know Your Customer (Know Your Customer) can be brought in a single window. The CKYC is being managed by the Central Registry for Securitization Asset Reconstruction and Security Interest of India ie CERSAI.