BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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By getting introduction of an existing customer
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By following KYC norms
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By taking AADHAR card copy
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All of the above
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Detailed explanation-1: -KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud.
Detailed explanation-2: -Banks verify documents by running important details like the serial number or date of birth against a government-backed database before approving a loan and other important processes. This process is usually outsourced to online identity verification services like Youverify.
Detailed explanation-3: -KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same.
Detailed explanation-4: -Customer Identification Procedure ( CIP ) Customer identification means identifying the customer and verifying his/ her identity by using reliable, independent source documents, data or information.