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    Question

    KYC guidelines followed by the Banks have been framed

    on the recommendations of the ______
    A Ministry of Home Affairs Correct Answer Incorrect Answer
    B Ministry of Rural Development Correct Answer Incorrect Answer
    C Indian Banks Association Correct Answer Incorrect Answer
    D Financial Intelligence Unit Correct Answer Incorrect Answer
    E Reserve Bank of India Correct Answer Incorrect Answer

    Solution

    KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts. Banks are also required to periodically update their customers’ KYC details.

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