operational aspects of KYC and Customer Service
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Principles and Practices of Banking — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What does KYC stand for in Indian banking?
KYC stands for Know Your Customer. It is a process by which banks verify the identity and address of their customers to prevent fraud, money laundering, and terrorist financing.
What is the meaning of 'Customer Acceptance Policy' in KYC framework?
Policy defining which customers a bank will or will not accept.
Which RBI Master Direction governs KYC norms for banks in India?
The RBI Master Direction on Know Your Customer (KYC) Direction, 2016 governs KYC norms for banks in India, updated periodically by the Reserve Bank of India.
What is the minimum age requirement to open a Basic Savings Bank Deposit Account?
No minimum age; even minors can open BSBDA with guardian.
What are the four key elements of a KYC policy as per RBI guidelines?
The four key elements are: Customer Acceptance Policy, Customer Identification Procedures, Monitoring of Transactions, and Risk Management.
What is the full form of CKYCRR in the Indian banking context?
Central KYC Records Registry.
What is the Customer Identification Procedure (CIP) in KYC?
CIP is the process of collecting and verifying Officially Valid Documents (OVDs) to establish the identity and address of a customer before opening an account or conducting a transaction.
Which authority maintains the CKYCR registry in India?
Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI).
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