How to Verify PAN online or Know PAN Details & ITR
Sep24

How to Verify PAN online or Know PAN Details & ITR

KYC is an important process in Banks and one of the important document submitted by customer is PAN (Permanent Account Number). It is important to verify the authenticity of PAN submitted by the customer to establish identity of the customer and also for further tax purposes. Some of the banks have established systems for verification of PAN through their internal applications (by linking them to Income Tax portal) and are limited to...

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What is KYC and Why KYC is important for Banks
Sep23

What is KYC and Why KYC is important for Banks

KYC or “Know your customer” is a regulatory and legal requirement. KYC is important to prevent identity theft, financial fraud, money laundering and terrorist financing. Every Bank has framed a KYC policy by incorporating the directions of RBI such as Customer Acceptance Policy, Customer Identification Procedures, Monitoring of Transactions and Risk management. The bank collects certain set of documents to verify the...

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FAQs on KYC guidelines by RBI

RBI has issued fresh FAQs on Know Your Customer (KYC) guidelines. (Updated up to September 02, 2016) (This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines.) Q1. What is KYC? Why is it required? Response: 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...

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