What do You Mean by KYC? How Can You Upgrade to EKYC?

Financial institutions have implemented the KYC regime in their verification system to reduce theft of identity, credit and debit card frauds, money laundering and other illegal activities.

In order to understand the importance of KYC, you need to know what is KYC, first.

What do you mean by KYC?

Also referred to as Know Your Customer, KYC is a form of customer verification method. With this, financial institutions confirm the personal details of their customers by checking their identity and address proof documents.

As per the Reserve Bank of India, each and every financial institution in our country is required to incorporate the KYC system in their verification system modules.

The list of accepted KYC documents is –

• For verification of identity –

Aadhar card, PAN card, passport, voter ID, driving license, passport-sized photographs, ID card, with a photo, which has been certified by the state or central government of India and its authoritative bodies, etc.

• For verification of address –

Aadhar card, voter ID, driving license, passport, telephone bills, electricity bills, registered lease property sale-agreement documents, insurance documents, ID cards withholding address information certified but the state or central government and its authoritative bodies, etc.

KYC registration is an essential factor that financial institutions take note of before approving credit applications. Moreover, providing the relevant KYC documents is necessary to avail loans and credit cards, such as the Bajaj Finserv RBL Bank SuperCard.

How to upgrade to ekYC?

The various ways you can electronically update your KYC are through Aadhar-based eKYC or PAN-based eKYC.

In order to upgrade to eKYC by the above methods, you need to visit the official website of the Unique Identification Authority of India (UIDAI) and Central Depository Service Limited and undergo a simple online registration process.

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