With the advent of technology, the internet has gained much importance in every segment. In this regard, the banking sector has shown a way forward to maintain pace with the new era of technology. This has impacted the financial safety in forms of different benefits which are transferred to the customers to ease their banking experience. Most companies have adopted internet services for their customers to get their transactions to flow in the safest way. Keeping aside the fraudulent activities, identity theft, online fraud, the Government has announced that banks should acknowledge the PAN KYC Status of their customers while making financial transactions.
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About PAN KYC
Know Your Customer commonly called as KYC, is the process of verifying the identity of the customers. The Reserve Bank of India introduced KYC guidelines for all banks in 2002. In 2004, RBI directed all banks to ensure that they are fully compliant with the KYC provisions before December 31, 2005. Banks and companies are now turning out to be the biggest supporter of the KYC. The process has come up as a powerful tool to combat issues like money laundering, tax evasion, corruption, terrorist financing, etc. KYC’s rules and regulations are directed by the Reserve Bank of India to all the banks for the legal and regulatory requirement of the customers.
Important Situations When KYC is Required
- Opening of bank accounts
- Applying for loans or credit cards
- Opening a locker
- Investing in mutual funds
- New mobile connection
- Changes in beneficiaries or signatories
Possessing a PAN card is made mandatory for all the income-earning individuals and non-individuals by the Government of India. Its primary objective is to identify and verify the identity of the individuals and other entities before they get into financial transactions. Using PAN for updating KYC is of utmost importance to verify the identity of the holder and to avoid any mishaps. PAN is one of the important documents that individuals must provide during the KYC process. As PAN card reflects the necessary financial transactions like salary receivable bank accounts, purchase of assets above a specific amount or others, it is required to get the KYC done as early as possible.
Documents Required for PAN KYC
Customers need to submit the following documents along with the KYC form for proof of identity and proof of address:
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Steps to Check PAN KYC Status
Any customer who has submitted the KYC forms online can check the PAN card KYC status. All you need is to follow the steps mentioned below to track PAN KYC update status:
- Visit the website of CDSL (Central Depository Services Limited) at https://www.cvlkra.com/kycpaninquiry.aspx
- Afterwards, enter your PAN number
- If your KYC has been verified then, the updated status will be displayed as ‘MF- Verified by CVLMF’.
- If your KYC has not been verified then, the status ‘Pending’ will be shown.
- You can take a print of the page if needed.
Also Know: How to Check PAN Card Status Online
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