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What is KYC?

Important banking qna for banking aspirants, which is helpful in banking exam.

Jan 3, 2015 12:49 IST
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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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