2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI
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BOB
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ICICI
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HDFC
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Detailed explanation-1: -The Reserve Bank of India (RBI) has issued new instructions to all banks and financial institutions in the country to ensure that all wire transfers, whether domestic or international, contain complete information about the originator and beneficiary.
Detailed explanation-2: -The entity wise decisions for regulation and supervision so far taken in this regard appear to have been taken on a case-to-case basis. At present RBI regulates and supervises only nine select DFIs, viz., IDBI, IFCI Ltd. TFCI Ltd., IDFC Ltd., IIBI Ltd., EXIM Bank, NABARD, NHB and SIDBI.
Detailed explanation-3: -Customers can do fresh KYC by visiting a bank branch or remotely through a Video-based Customer Identification Process (V-CIP). In such cases, the RBI stated that the banks must provide an acknowledgement receipt of the KYC documents or self-declaration submitted by the customers.
Detailed explanation-4: -Answer: RBI approval is required if: (i) Remittance is in excess of USD 1, 000, 000 (US Dollar One million only) per financial year: on account of legacy, bequest or inheritance to a citizen of foreign state, resident outside India; and.