Everything you need to know about KYC Updation
In India, KYC has been in existence since 2002 and became mandatory in 2004 by the RBI. Still, people have very little knowledge about it and there is a lot of confusion about its need, updates, documentation requirements, purpose, and many others. That’s why, in this article, all these confusions are cleared by answering everything you need to know about KYC and the updation of KYC’s and signatures. Let’s start. What is KYC and why is it needed? First of all, let’s learn about the full form of KYC. KYC is an acronym for “Know Your Customer” or “Know Your Client.” Updation of KYC’s and signatures is a mandatory and legal procedure that is being done by financial institutions like banks, mutual fund houses, etc. This is to make sure that the identity of the customer is real and accessible. This helps in the prevention of any fraud or illegal financial activity. The updation of KYCs includes verification of the customer’s identity, signature, address, etc. There is a need for KYC to ope