Since the year 2004, RBI or India’s Reserve Bank has made it compulsory that all Indian financial institutions, banks, and other financial organizations verify both the identity and address of all customers who are to carry out any kind of financial transactions with them. To do so without too many logistical inefficiencies, the KYC process was introduced by the RBI as the only mode of verification. Hence, KYC meaning to ‘know your customer’ is an effective way to streamline the process of verifying the authenticity of one’s customer.
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