What’s the first step that a customer has to take when he wants to avail any service from a Bank or a Financial institution? It is the Know Your Customer (KYC) process. KYC is a process where a financial institution verifies the identity and personal details of a potential customer. The RBI has made it mandatory for all companies to undertake KYC before offering any services to customers. While it has had a positive effect of reigning in unscrupulous activities like money laundering and fraud, it has its drawbacks too.
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They who can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety.
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Aadhaar has been in news for quite some time, especially the debate around how it may allow government to monitor its citizens.
Read StoryKYC or Know your customer, simply put is the process of identifying a customer with a goal of detecting and avoiding fraud in financial transactions, as such it is legally binding to financial institutions including banks and NBFC's.
Read StoryAadhaar auth is used to prove you are who you say you are. KYC or Know your customer, simply put is the process of identifying a customer.
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Aadhaar PIL hearing in the Supreme Court culminated on Sept 2018 with a landmark judgement.
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