Introduction
The Reserve Bank of India (RBI) has mandated all banks to conduct regular KYC (Know Your Customer) checks to prevent money laundering and other financial crimes. Union Bank of India (UBI), one of India's largest public sector banks, is actively implementing these guidelines to ensure the safety and security of its customers' financial dealings.
KYC is crucial because it helps banks:
Benefits of KYC:
Document Type | Purpose |
---|---|
PAN card | Proof of identity and income |
Aadhaar card | Proof of identity and address |
Passport | Proof of identity and travel |
Voter ID card | Proof of identity and address |
Driving license | Proof of identity and address |
Verification Procedure | Mode |
---|---|
In-person verification | Visit the bank branch with original documents |
Video KYC | Video call with bank representative |
Electronic verification | Verification through e-KYC services |
KYC re-verification is essential for maintaining the security of the financial system and protecting customer interests. Union Bank of India remains committed to implementing these guidelines effectively. By adhering to the aforementioned steps and avoiding common mistakes, customers can ensure a smooth and hassle-free KYC experience.
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