With the advancement made in technology,&amp;nbsp; the internet has gain popularity in almost every section. The biggest example of the same is the banking sector, the way it has maintained pace with digital technology. With the help of the new era of technology, financial safety in forms of different benefits being transferred to customer which will help in easing the banking experience.
Many companies now adopt the internet services for the convenience of their customers to make the flow of transactions most carefully. The concept of KYC status comes up keeping in mind to avoid any kind of fraudulent activities, identity theft, online fraud while making any kind of financial transactions. It is a must for everyone to acknowledge the PAN KYC status.
The banking sector has regulated the policies intending to put safety on the money of the customers. It will help the bank and financial institutions to strongly deal with other fraudulent activities performed both by non-individual and individual entities.
KYC means to know your customer. It is the way to identify the customers. The Reserve Bank of India introduced the KYC guidelines for all the banks in 2002 to meet the regulatory and legal requirements of customers. In 2004, RBI directed all the banks to ensure that they are fully compliant with all the provisions of KYC before December 31, 2005. Companies and banks are turning out to be the biggest supporter of KYC as it acts as a power to combat issues such as terrorist financing, tax evasion, money laundering, etc.
PAN is one of the most essential documents which an individual must provide during the process of KYC. PAN card provides details of the necessary financial transactions which include purchase of assets or salary receivable of the bank accounts, for all that it is required to done PAN KYC as soon as possible.
To possess a PAN card is mandatory for income-earning groups and non- individuals by the Government of India. The main objective is to verify and identify the individuals and other entities before they do any financial transactions. Making use of the PAN card for a KYC update is of utmost importance for verifying the identity of the PAN Card holder.
Proof of identity
Proof of address
Steps to check PAN KYC Status
Customer who has submitted PAN KYC form online can check the PAN KYC Status. Steps to follow are: