BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

The Reserve Bank of India has revised the KYC guidelines recently. What is the full form of KYC?

A	Know Young Customer
B	Know Your Consumer
C	Know Your Customer
D	Know Your Custom

Explanation:

Detailed explanation-1: -Reserve Bank of India has issued regulatory guidelines on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) from time to time.

Detailed explanation-2: -Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing.

Detailed explanation-3: -KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. In other words, banks must make sure that their clients are genuinely who they claim to be.

Detailed explanation-4: -Unique Customer Identification Code (UCIC) Mandate Form.

There is 1 question to complete.