BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The RBI has imposed a penalty of Rs. 3 crore on state-owned Union Bank of India for “non-compliance” with the directions on KYC norms. KYC stands for-?

A	Know Your Commerce
B	Know Your Conclusion
C	Kite Your Customer
D	Know Your Customer

Explanation:

Detailed explanation-1: -Press Releases. The Reserve Bank of India (RBI) has, by an order dated November 16, 2021, imposed a monetary penalty of ₹1.00 Crore (Rupees One Crore only) on State Bank of India (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).

Detailed explanation-2: -The Reserve Bank of India (RBI) has, by an order dated September 07, 2022, imposed a monetary penalty of ₹36 lakh (Rupees Thirty-six lakh only) on Industrial Bank of Korea (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’.

Detailed explanation-3: -RBI imposes monetary penalty on IndusInd Bank Ltd (the bank) for non-compliance with certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.

Detailed explanation-4: -Section 36AD. Punishments for certain activities in relation to banking companies. Section 36AE. Power of Central Government to acquire undertakings of banking companies in certain cases.

There is 1 question to complete.