What is the Full Form of KYC ?

KYC – Know Your Customer

“Know your Customer”, a term used to identify the details of the Customer. In India, The Reserve Bank of India has introduced the KYC guideline with an objective to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering and curbing illegal transactions.

The ‘Know Your Customer’ details may include :-

• Customer Name
• Date of Birth
• Father’s Name
• Mother’s Name
• Marital Status
• Address
• Contact no.

And in some cases

• PAN Card Number
• Source of funds
• Nature of customer’s business