HFFC - Home First Finance Company

Call toll free : 1800 425 8425

Know Your Customer Policy

The Reserve Bank of India (RBI) has advised banks to ensure that ‘Know Your Customer’(KYC) measures are formulated, implemented and customer is educated for the same.

In order to prevent bank / financial institution (FI) being used for fraudulent transactions financial institution needs to have a well-documented policy on ‘Know Your Customer’. This policy lays down the various procedures to be followed to be satisfied about a customer’s identity and background. These are referred to as Customer Identification Procedures (CIP)

‘KNOW YOUR CUSTOMER’ PROCESS

The process entails identifying the customer and verifying the same using reliable independent documents, data or information. KYC Process is followed by Financial Institutions to ensure

1.	That no account is opened in anonymous or fictitious or benami name(s)
2.	To satisfy the competent authorities that due diligence was observed in accordance with the requirements of the existing laws and regulations on the same
3.	To be able to demonstrate that the FI has taken reasonable measures to identify the beneficial owner(s) and verify his/her/their identity in a manner to be satisfied on who the beneficial owner(s) is/are.

CUSTOMER IDENTIFICATION PROCESS

The process entails identifying the customer and verifying the identity by using reliable and independent documents, data or information. FI while lending collects documents to identify and verify the customer as required under existing laws. To demonstrate that it has performed adequate KYC procedures, FI needs to collect Identity Proof & Residence Proof using either of the documents as listed below.

Identity Proof (Any one)	Pan Card
	Passport
	Voter ID Card
	UID Card
	Driving License
	Identity Card issued by Employer

Address Proof (Any one)	Passport
	Electricity Bill
	Telephone Bill
	Ration Card
	Lease Agreement

To view Know Your Customer (KYC) in other languages, please refer below:

Gujarati - click here
Hindi - click here
Kannada - click here
Marathi - click here
Tamil - click here
Telugu - click here

Hot News Headlines |