2. What is KYC?
KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts. Banks are also required to periodically update their customers’ KYC details. The KYC guidelines of RBI mandate banks to collect proofs from their customers. They are- 1. Proof of identity 2. Proof of address
