Bharat Social Finance Corporation (BSFC) is committed to maintaining responsible financial practices, operational transparency, regulatory compliance, customer integrity standards, and lawful financial operations across all services, Self Help Group (SHG) programs, microfinance activities, rural development initiatives, and financial inclusion operations. This Know Your Customer (KYC) and Anti-Money Laundering (AML) Policy establishes the framework adopted by BSFC for customer identification, verification, risk assessment, fraud prevention, anti-money laundering compliance, and prevention of unlawful financial activities.
The objective of this Policy is to ensure that BSFC conducts its operational activities in accordance with applicable Indian laws, financial sector standards, responsible financial service practices, anti-money laundering principles, customer due diligence requirements, and operational safeguards intended to prevent misuse of financial systems for unlawful purposes including money laundering, fraud, identity theft, financial crime, terrorism financing, impersonation, or other prohibited activities.
BSFC recognizes the importance of verifying customer identity, understanding the nature of customer relationships, maintaining operational transparency, monitoring financial interactions, and protecting the integrity of financial services provided through its microfinance, SHG, livelihood support, entrepreneurship development, and community financial inclusion programs.
As part of customer onboarding, financial assistance processing, SHG participation, operational verification, or service enrollment procedures, BSFC may collect, verify, review, process, and maintain personal, financial, operational, demographic, technical, and identity-related information from customers, applicants, SHG members, beneficiaries, community participants, operational representatives, and associated stakeholders. Such information may include full name, date of birth, gender, address details, mobile number, email address, photographs, Aadhaar information where legally permissible, Permanent Account Number (PAN), voter identification details, bank account information, income records, business information, nominee details, SHG participation records, and any other documentation reasonably required for verification, operational assessment, or regulatory compliance purposes.
BSFC may require customers or applicants to provide valid identity proof, address proof, financial documents, operational information, photographs, signatures, banking details, or supporting documentation necessary for Know Your Customer (KYC) verification and lawful operational processing. Customers are responsible for ensuring that all information and documentation submitted to BSFC remains accurate, complete, authentic, current, and lawful.
BSFC reserves the right to verify customer information through lawful operational methods including field verification, document review, digital verification systems, banking records, government databases, authorized verification agencies, credit information companies, financial institutions, or operational partners wherever legally permissible and reasonably necessary for compliance or risk management purposes.
Customers, SHG members, applicants, or beneficiaries may be classified into different operational or risk categories based on factors including customer profile, transaction patterns, repayment history, operational behavior, geographical considerations, financial activity, documentation quality, regulatory requirements, or risk assessment outcomes. BSFC may apply enhanced due diligence measures, additional verification procedures, monitoring mechanisms, or operational review processes in cases involving elevated risk, suspicious activity, incomplete information, unusual transactions, or regulatory concerns.
BSFC strictly prohibits the use of its financial services, SHG programs, digital platforms, operational systems, community initiatives, customer accounts, or financial assistance activities for unlawful, fraudulent, misleading, suspicious, or prohibited purposes. Customers shall not use BSFC services for activities involving money laundering, fraud, identity theft, financial crime, unauthorized fund transfers, terrorism financing, forged documentation, unlawful transactions, or any activity prohibited under applicable laws.
BSFC may monitor financial transactions, customer interactions, repayment activities, digital operations, operational conduct, communication records, SHG activities, and financial behavior patterns for the purpose of fraud prevention, suspicious activity detection, operational monitoring, legal compliance, financial risk management, customer protection, and lawful regulatory reporting obligations.
In situations where BSFC identifies suspicious transactions, misleading information, forged documentation, unauthorized operational activity, unusual repayment patterns, identity inconsistencies, unlawful conduct, or potential financial crime indicators, BSFC reserves the right to suspend transactions, reject applications, delay operational processing, request additional information, restrict access to services, report suspicious activity to lawful authorities, initiate internal investigation procedures, or take other actions considered necessary in accordance with applicable laws and operational standards.
BSFC may share customer information, verification records, operational details, repayment history, transaction information, suspicious activity indicators, or related operational data with authorized banking institutions, financial regulators, government authorities, law enforcement agencies, auditors, credit bureaus, financial intelligence units, operational partners, or legally authorized entities where required under applicable laws, lawful requests, financial regulations, court orders, or compliance obligations.
Customers are expected to cooperate with verification requests, operational assessments, documentation review procedures, repayment evaluations, SHG verification activities, and compliance-related inquiries conducted by BSFC or authorized operational representatives for legitimate business and regulatory purposes. Failure to provide required information, submission of forged documents, refusal to cooperate with lawful verification procedures, or operational non-compliance may result in rejection of applications, suspension of services, operational restrictions, financial recovery actions, or reporting to appropriate authorities.
BSFC maintains confidentiality standards regarding customer information and shall make reasonable efforts to protect collected information through operational safeguards, access controls, security measures, digital monitoring systems, employee confidentiality obligations, and internal compliance procedures. Information handling practices shall additionally be governed in accordance with the BSFC Privacy Policy and applicable legal standards.
Customers are advised not to share OTPs, passwords, confidential banking credentials, verification codes, or sensitive financial information with unauthorized individuals. BSFC representatives shall never request confidential passwords or unauthorized payments through unofficial channels for KYC verification, financial assistance approval, repayment settlement, or customer support purposes.
BSFC may maintain customer identification records, verification documents, financial information, operational communication records, transaction data, repayment history, compliance records, and operational documentation for periods considered necessary under applicable laws, financial regulations, audit requirements, operational continuity needs, dispute resolution obligations, fraud prevention standards, or regulatory retention requirements.
BSFC reserves the right to amend, revise, suspend, replace, or update this KYC & AML Policy periodically in response to legal developments, regulatory updates, operational changes, financial sector practices, technological enhancements, risk management requirements, or organizational needs. Updated versions shall become effective upon publication through official BSFC communication channels unless otherwise required by applicable law.
This KYC & AML Policy shall be governed and interpreted in accordance with the laws of India. Any disputes arising in relation to customer verification, financial compliance, operational assessment, suspicious activity review, customer obligations, or related operational matters shall be subject to the jurisdiction of competent courts located within the jurisdiction of BSFC’s registered office, subject to applicable legal provisions.
For customer verification assistance, compliance-related clarification, grievance reporting, operational support, or policy-related inquiries, users may contact:
Bharat Social Finance Corporation (BSFC)
Customer Support & Privacy Department
Email: grievencescare@bsfcindia.org
Support Email: support@bsfcindia.org
Customer Support: 1169268704
Head Office: New Delhi, India
By accessing or using BSFC services, financial programs, SHG initiatives, operational systems, digital platforms, or customer support channels, users acknowledge that they have read, understood, and agreed to this KYC & AML Policy.
