Learn About This Verification Process And How It Is Likely To Impact You
KYC is a commonly heard word these days, across companies and even banks. But what is KYC? It is a significant process used by financial institutions to verify the identity of customers. The purpose is to ascertain a person uses the services for ethical reasons. It is also a way to know the customers.
KYC verification is done at the time of customer onboarding and at different times later for existing customers.
Why KYC Verification is Done?
KYC is performed to verify the identity of customers to make sure he/she is genuine. It is done to mitigate the risks of money laundering. KYC can be either done online or offline or through biometric authentication.
A popular method existing today is eKYC that allows authenticating a person quickly using Aadhaar-based verification. The implementation of this process includes identification via identity documents, authentication of politically exposed, and transaction monitoring.
How to do KYC Online?
Today, the eKYC process is available for quick verification, saving time for banks and customers. It helps add customers to a trusted database without any waiting time. You can do eKYC verification online by creating an account on the portal and entering the details as asked.
You can provide your Aadhaar number and registered mobile number to initiate the verification process. You receive a one-time password from the service. Simply enter the OTP and the procedure is complete. Once the authentication is done, you can upload a self-attested copy of your Aadhaar card.
One can check the status of KYC on the portal by providing details and stay updated on the process. The agency approves your KYC once all the details are verified and authenticated.
The eKYC verification is evolving in India as compared to the traditional method. The internet-based process saves a lot of time and hassle and lets customers and banks benefit from the verification.
