KYC Policy

Overview

BANQUEEN.IN is committed to ensuring that its platform is used only by genuine customers, retailers and partners. This Know Your Customer ("KYC") Policy sets out the customer identification, verification and due diligence procedures followed by BANQUEEN as a technology facilitator for financial product applications and retailer onboarding.

While BANQUEEN is not itself a bank, NBFC, insurer or regulated financial institution, we assist regulated product providers in collecting and verifying KYC information as part of the application process. Product providers remain responsible for their own KYC obligations under RBI, IRDAI, SEBI and other applicable regulations.

Scope

This KYC Policy applies to:

• All customers who apply for financial products through BANQUEEN.
• All authorised retailers and their representatives using the BANQUEEN retailer portal.
• All partners, agents and service providers who require access to customer data.
• All applications, transactions, onboarding and verification activities on the Platform.

Customer KYC

When a customer applies for a product through BANQUEEN, we collect the following information as part of KYC:

• Identity Information: Full name, date of birth, gender, PAN, Aadhaar (voluntary, where permitted) and photograph.
• Contact Information: Mobile number, email address and current residential address.
• Employment & Income: Employment type, employer name, monthly income, business details (if self-employed).
• Financial Information: Bank account details, existing loan/credit card details and credit score.
• Documents: PAN card, Aadhaar, address proof, bank statements, salary slips and other documents requested by the product provider.

The exact data and documents required vary by product and product provider. Customers are informed of the requirements before submission.

KYC Consent

By submitting KYC information, customers consent to BANQUEEN collecting, verifying, storing and sharing the data with product providers, credit bureaus, KYC registries and verification agencies as necessary for the application.

Retailer KYC

Authorised retailers are subject to enhanced KYC before they can use the wallet, purchase leads and earn commissions. The following information is collected:

• Business/Individual Details: Name of proprietor/partner/director, shop/business name, business address and contact details.
• Identity & Address: PAN, Aadhaar, passport, driving licence, voter ID, GSTIN (if applicable) and utility bills.
• Bank Details: Bank account number, IFSC, account holder name and cancelled cheque/bank statement for commission payouts.
• Business Proof: GST registration, shop establishment certificate, trade licence or any other document as required.
• Photographs: Passport-size photo and shop/business premises photo.

Retailer KYC is verified through document checks, database validation and in-person or remote verification. Retailers may be asked to provide additional documents or undergo re-verification at any time.

Acceptable Documents

BANQUEEN accepts the following documents for identity and address verification, subject to product provider acceptance:

Documents must be clear, unaltered, valid and in the formats specified. Expired or blurred documents will be rejected.

Verification Process

BANQUEEN uses a combination of manual and automated verification methods:

Verification may be done through video KYC (VKYC), OTP-based eKYC, Aadhaar-based authentication, or physical document submission, depending on the product and provider.

CKYC & Digital KYC

BANQUEEN supports Central KYC Registry (CKYC) and other digital KYC methods as permitted by regulation. This allows customers to complete KYC once and use it across multiple product providers.

• CKYC: Customers with a CKYC number can provide their KYC Identifier (KYC ID), reducing the need for repeated document submission.
• Aadhaar eKYC: Consent-based Aadhaar authentication for identity and address verification, where permitted.
• Video KYC: Regulated video-based KYC for bank accounts, credit cards and other products where physical KYC is not required.
• DigiLocker: Fetching verified documents from DigiLocker, where supported by product providers.

BANQUEEN follows the latest RBI and UIDAI guidelines for digital KYC, including masking of Aadhaar numbers, proper consent and data security.

Enhanced Due Diligence

BANQUEEN may apply Enhanced Due Diligence ("EDD") for higher-risk customers, retailers or transactions. EDD may include:

• Additional identity and address documents.
• Source of funds or source of wealth information.
• Business background and beneficial ownership verification.
• Screening against sanctions, PEP and adverse media lists.
• Increased frequency of monitoring and review.
• Senior management or compliance approval for account activation or high-value transactions.

EDD is triggered based on risk factors such as large transactions, high-value products, non-standard documentation, adverse match results or suspicious behaviour.

Ongoing Monitoring

KYC is not a one-time process. BANQUEEN and product providers monitor customer and retailer information on an ongoing basis. This includes:

• Periodic re-KYC or KYC refresh as required by regulation.
• Review of updated contact, address and income details.
• Monitoring for suspicious transactions and document tampering.
• Updating risk profiles based on new information.

Customers and retailers may be asked to re-submit documents, update KYC or undergo additional verification at any time.

Data Handling & Consent

KYC data is handled in accordance with our Privacy Policy. We use encryption, access controls and audit logs to protect KYC data. We collect and use KYC data only:

• With the individual's explicit consent.
• For the purpose of facilitating the requested product or service.
• As required by law, regulation or court order.

Customers and retailers have the right to access, correct and request deletion of their personal data, subject to legal and regulatory retention requirements.

Rejection & Suspension

BANQUEEN or the product provider may reject or suspend an application, retailer account or transaction if:

• KYC documents are incomplete, invalid, expired or forged.
• The individual does not match the submitted documents.
• The applicant is listed on sanctions, watch-list or fraud databases.
• There is suspicion of identity theft, fraud or money laundering.
• The applicant does not meet the product provider's eligibility criteria.
• Consent for KYC verification is refused or withdrawn.

In case of rejection, the applicant will be informed of the reason, wherever permitted by law. Fees paid may be refundable as per the Refund & Cancellation Policy.

Contact

For KYC-related queries, please contact us: