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Banks and other financial institutions play a major role in the generation of funds. However, certain measures must be taken to ensure that the money being generated is being used legally. There are a number of unethical activities like money laundering and terrorism that can be conducted with the help of the profits from the stock exchange or even a bank loan.

Hence, it is important to have some precautionary measures, in place to make sure that the financial organizations are aware of who their customers are. With this in mind, the concept of a KYC status has been introduced. This abbreviation stands for Know Your Customer and it is an easy way for investment companies and banks to realize the authenticity of their customers.

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A customer must provide information about his occupation, annual salary, already undertaken credit, future credit needs, and income-tax status. Based on this information, a person will be classified as either a low-risk or a high-risk customer.

According to the norms of the Government, the status of a low-risk customer must be revised every ten years from the requirement of not less than once five years earlier. On the other hand, high-risk customers and entities must be reviewed every two years, according to the norms of the RBI.

If you are wondering how to check the KYC status, you can do this by following a few easy steps. The bank or organization, which has taken your information, will upload it on a KRA platform. You need to find out the platform where it has been uploaded and simply log in, to access your information.

Everything You Need to Know About The KYC Status