What is the full form of KYC ?

Answer: Kyc Definition: KYC Full Form: Know Your Customer

Kyc Description:
KYC full form or meaning is Know Your Customer.
Know Your Customer is an important process or term used by many important businesses today, whereby the identity of customers is verified before or during doing business with them.
RBI has mandated digital transaction companies, banks and other financial institutions to ensure KYC of their customers before using all their services. it helps the financial institutions serve you better.
KYC is very important and it protects both customers and financial institutions from a lot of fraud and illegal activities.
To open a new bank account, to keep a bank locker, to open a mutual fund account, and for different types of online investment, your KYC must be updated with your Bank.
The RBI sets the KYC rules for banks and other financial institutions in India.
KYC is the process under which financial institutions verify their customer identification and address proof.
For example, if you go to open an account with a bank, the bank will ask you to produce the necessary paper to proof your KYC ie your identity and address.
There are many different types of paper for proof of identity and proof of address, such as Aadhaar card, PAN card, Voter ID card, Driving license etc. You can complete your KYC by giving any two of these documents
KYC is very important for both the bank or other financial institutions and the customer, as the necessary steps were taken during KYC ensure that the customer is genuine, and there is no risk.
Under the KYC process, ID card verification, document verification and face verification of any person are done, thereby authenticating the customer and the information given by him.
The banking process has become very secure today due to KYC, and RBI has made it necessary for all banks to keep updating their customers on KYC, regular basis. In many cases when the bank did not update the KYC of the customers, a heavy penalty was imposed