operational aspects kyc
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Principles and Practices of Banking — JAIIB.
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Free sample — 8 of 65 rapid-fire Q&A cards.
What does KYC stand for in the context of banking?
KYC stands for Know Your Customer, a process by which banks verify the identity and address of their customers to prevent money laundering and fraud.
What is the full form of CKYC in Indian banking?
Central Know Your Customer Registry
Which regulatory body in India mandates KYC norms for banks?
The Reserve Bank of India (RBI) mandates KYC norms for banks in India through its guidelines issued under the Prevention of Money Laundering Act (PMLA), 2002.
Which authority manages the Central KYC Records Registry in India?
CERSAI (Central Registry of Securitisation Asset Reconstruction)
What are the four key elements of a KYC policy as prescribed by RBI?
The four key elements are: Customer Acceptance Policy, Customer Identification Procedures, Monitoring of Transactions, and Risk Management.
What is the minimum age for opening a bank account independently under KYC norms?
18 years for independent account opening
What is the meaning of Customer Due Diligence (CDD) in KYC?
Customer Due Diligence refers to the process of verifying a customer's identity, understanding the nature of the customer's activities, and assessing the risk they pose to the bank.
What is the threshold limit for a 'small account' aggregate credits per year?
One lakh rupees per year
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