What is KYC and Why KYC is Important

If you have a bank account or any trading account, then you have to hear well about KYC and then you will have two questions in your mind.

• What is KYC?
• Why is KYC necessary, that is why KYC is so important

So now you will reply to all these questions in this post. But before beginning, you are requested to share your friends after reading in the last so that they also increase the information and your respect.

What is KYC And Why it is Important

 KYC's full form is Know our Customer or Know Your Client

 First of all, understand why any company uses it, the fact is that when you make your business relationship with any organization, such as if you use a SIM of a telecom company, then you have to  In the the term, join the company and recharge or get the service, in the same way if you open your account in the bank, then join it with its business, then you would have a business relation with it.  Is there.

 And according to the RBI guidelines, if there is any such business relation, then the company should have complete knowledge about its customer so that if ever there is any fraud then it can be done to know who has done and to catch that man.  

 Suppose that if a man has opened his bank account in a bank but he has not done his KYC but his account is running well then in such a way, he will earn money in his account and withdraw from the ATM.  Then the government or police will search?

 So if KYC is at that time then all the information about that account holder will be with the bank and its house can be reached.

 Similarly, when a mobile SIM gives you a SIM, they take KYC, so that if you make a fraud or threaten by calling someone, then you can immediately find out who has done it.