What is the Full Form of OSV in Banking?
The full form of OSV in Banking is Original, Seen and Verified. This is a common phrase used in the banking sector, in the context of document verification. It is used in banking and other official procedures. This is the primary and the most authentic document that is been issued by the relevant authority or the institution. It also means that the OSV document is also physically inspected by an authorized individual, such as a notary or bank official. It means that the person has viewed the original document and ensured its authenticity.
Purpose of OSV document:
The Original, Seen and Verified phrase is generally used in the banking sector when the customers submit their documents for processes such as loan applications, account opening or for compliance with the regulatory requirements. After inspecting the original documents provided by the customer, they will confirm that the documents are accurate and genuine and also stamp them to indicate that the verification process is completed.
Benefits of OSV document:
There are several benefits of the OSV document in the banking sector and in other financial services. It ensures the genuineness of the submitted documents, thus reducing the risk of identity theft and fraud. It also helps the financial institution with regulatory requirements, such as KYC regulations. It also helps improve the trust between the customer and the institution.
