In this post we will discuss about the Full Form of KYC, E-KYC and C-KYC.
What is the KYC Full Form?
KYC Long Form : “Know Your Customer” or “Know Your Client”
What does KYC mean?
KYC Full Form in Bank:
The KYC is a guidelines in financial services and a popular term used in the banking or financial field.
This is used for to know the detailed information about their clients for the purpose of future reference.
It requires that professionals make an effort to verify the identity and risks involved with maintaining the business in the future.
What is E-KYC? What is the Full Form of E-KYC?
E-KYC Long Form: “Electronic-Know Your Customer.”
What does E-KYC mean?
E-KYC Full Form in Bank:
“Electronics-Know Your Customer” is paperless process that a customer can obtain his identity at bank electornically througn Aadhaar Card.
The customer will verify electronically through Aadhaar authentication.
In short, eKYC is an electronic version of the KYC process which is administered by the Unique Identification Authority of India (UIDAI).
What is C-KYC? What is the Full Form of C-KYC?
C-KYC Full Form: “Central Know Your Customer.”
What does C-KYC mean?
Central Know Your Customer (C-KYC) is an initiative of the govt. of India to combined the KYC process of all financial sector under a single window.
The Central Govt. would receive, store, safeguard and retrieve the KYC records in digital form of a client, for which necessary amendments to the Rules have been made.
The KYC records received and stored by the CKYCR could be retrieved online by any reporting entity across the financial sector for the purpose of establishing an account based relationship.