To make hassle-free transaction banks acknowledge the PAN KYC Status for their customers to make any kind of financial transactions.
Banking firms have now managed their PAN KYC Policies in order to ensure the safe use of customer's assets. This assists the bank and other financial institutions to expand and deal effectively with all the fraudulent activities carried out by individuals and non-individuals. The service is designed to counter money laundering, tax evasion, bribery, terrorist financing and so forth. In order to fulfil the legal and regulatory requirements of the customers, KYC rules and regulations are directed by the Reserve Bank of India to all the banks.
It is mandated to complete KYC process in PAN Card in order to prevent your card from any type of misuse or fraudulent. PAN is one of the most essential documents to be submitted to complete the KYC process. PAN Card represents the essential financial transactions such as payable bank accounts, asset purchases of more than a certain amount or others.
Applicants can check their PAN KYC Status by simple online process. Below mentioned steps are for the same.