BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Email Know Your Customer
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Electronic Know Your Customer
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Electric Know Your Customer
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Electronic verifiable Know Your Customer
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Detailed explanation-1: -eKYC means Electronic Know Your Customer and is the remote, paperless process that minimizes the costs and traditional bureaucracy necessary in KYC processes. Falsification of identity, signatures and phishing is very common.
Detailed explanation-2: -What is eKYC? In India, Electronic Know Your Customer or Electronic Know your Client or eKYC is a process wherein the customer’s identity and address are verified electronically through Aadhaar authentication. Aadhaar is India’s national biometric eID scheme.
Detailed explanation-3: -eKYC, often called paperless KYC, is the process of electronically verifying the customer’s credentials. This is mandatory for everyone to avail of the services from any financial institution.
Detailed explanation-4: -KYC references a set of guidelines that financial institutions and businesses follow to verify the identity, suitability, and risks of a current or potential customer. The goal is to identify suspicious behavior such as money laundering and financial terrorism before it ever materializes.