SCOPE AND OBJECTIVE
This Documents has been designed to ensure that merchants are on boarded and reviewed in accordance with the Reserve Bank of India (Commercial Banks – Know Your Customer) Directions, 2025 and Master Direction on Regulation of Payment Aggregator (PA) and other applicable laws. This Documents should be read in conjunction with Futuretek Commerce Private Limited Merchant Onboarding Policy.
Following is the list of Know Your Customer (KYC) details/documents required by Futuretek Commerce Private Limited to verify your KYC, based on your entity type, in accordance with the guidelines prescribed by the Reserve Bank of India under the Commercial Banks – Know Your Customer (KYC) Directions, 2025.
1. Individual
A. Pan or Form 60 of Individual Person
B. Any one of the following:
1. Aadhar Card
2. Voter Id Card
3. Driving License
4. Passport
C. Business Photograph with Geo Tagging
2. Sole Proprietorship
- Document Required- Sole Proprietor
o Official valid document of Proprietor.
o PAN Card
- Business Documents Required (any Two)
o Certificate/license under Shop & Establishment Act.
o Registration Certificate including Udyam Registration.
o Sales/Income Tax Returns
o CST/VAT/GST certificate
o Certificate/registration from Sales Tax/Service Tax/Professional Tax authorities
o Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated/ acknowledged by the Income Tax authorities.
o Utility bills such as electricity, water, landline telephone bills, etc. which are not more than 2 months old.
o IEC (Importer Exporter Code).
3. Private / Public / One Person Company
- Documents Required:
o Official Valid Document & Pan Card of the Director
o Certificate of Incorporation
o Memorandum & Articles of Association
o PAN of Company
o Board Resolution / Power of Attorney authorizing managers/employees
o Beneficial Owner / Authorized Person Details
o Names of Senior Management Personnel
o Registered office & principal place of business (if different)
o One of the Business documents (List Shared Above)
4. Partnership Firm
- Documents Required:
o Partners’ official valid documents & PAN
o Registration Certificate of Partnership Firm
o Partnership Deed
o PAN of Partnership Firm
o Beneficial Owner / Manager / Authorized Person documents
o Names of All Partners
o Registered office & principal place of business (if different)
o One of the Business documents (List Shared Above)
5. Registered Trust
- Documents Required:
o Trustee or authorized signatory official valid documents & PAN
o Trust Registration Certificate
o Trust Deed
o PAN / Form 60 of Trust
o The Names of Beneficiaries / Trustees / Settlor, protector if any and authors of the trust) as a part of beneficial owner declaration)
o Registered Office Address
o List of Trustees
o Trust resolution / Power of attorney granted to its managers, officers or employees to transact on its behalf.
o One of the Business documents (List Shared Above)
6. Hindu Undivided Family (HUF)
- Documents Required:
o Karta’s/Authorized Signatory official valid documents & PAN
o PAN / Form 60 of HUF
o Authorisation letter (Document showing name of the person authorised to act on behalf of the entity).
o Any information required to establish legal existence
o One of the Business documents (List Shared Above)
7. Societies/ Body of Individuals/ Unincorporated association/ Unregistered Trust/ Unregistered Partnership
- Documents Required:
o Authorized Person official valid documents & PAN
o Resolution of the managing body of such association or body of individuals
o PAN or Form No. 60 of the unincorporated association or a body of individuals
o Power of attorney granted to transact on its behalf
o Beneficial Owner / Manager / Authorized Person documents
o One of the Business documents (List Shared Above)
o Legal establishment document of entity
8. Other Juridical Persons (Government / Universities / Societies / Local Bodies)
- Documents Required:
o Authorization letter (Document showing name of the person authorized to act on behalf of the entity).
o Officially valid documents of the authorized person and Identity Proof.
o Official gazette notification/Legal establishment document of entity/ / juridical person.
o One of the Business documents (List Shared Above)
A. Beneficial Owner (“BO”) Identification- RBI guidelines for identification of Beneficial Owners:
| Business Entity | Shareholding % |
| Companies (Public, Private) & LLP | >10% |
| Partnership Firm | >10% |
| Trust | >=10% |
| Unincorporated association/ Body of individual (including Societies) | >15% |
B. Valid Bank Account
Bank account number along with IFSC in the name of (i) Individual (ii) proprietary firm or the proprietor, in case of sole proprietorship, and (iii) in name of the legal entity for all other legal entities.
Note:
In cases where API-based bank account verification is not completed, valid bank proof is required, such as:
- Bank Statement, or
- Cancelled Cheque.
C. Banned Products:
We do not onboard merchants who are directly or indirectly engaged in dealing with products or services that are classified as prohibited, as specified on our website.
For the detailed list of banned products, please refer to the following link:
https://getepay.in/banned-products
d. Summary:
This document establishes a comprehensive and risk-based framework for merchant onboarding and KYC verification, ensuring full compliance with the guidelines issued by the Reserve Bank of India, including the RBI KYC Directions 2025 and the RBI Payment Aggregator Guidelines. By adhering to the prescribed documentation requirements, beneficial ownership identification norms, and bank account validation processes, Futuretek Commerce Private Limited aims to mitigate fraud risks, enhance transparency, and maintain the integrity of its payment ecosystem. Continuous monitoring and periodic reviews shall be undertaken to ensure that merchant profiles remain compliant with evolving regulatory requirements and internal risk management standards.