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What is KYC?

Jan 3, 2015 12:49 IST

    Question: What is KYC?

    • KYC stands for Know Your Customer.
    • It is a process through which bank strives to obtain information about the identity and address of the customers.
    • This process is undertaken to minimize fraudulent banking practices
    • KYC requirements are filled by the banks at the initial step of opening the bank account.
    • KYC is mandatory requirement of banking

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