New Register for Workshop on How to start for NABARD 2025 (Stepwise Plan) - Apr 26, 7 PM

    Question

    Which Act lays down provisions related to KYC

    norms?
    A Banking Regulation Act Correct Answer Incorrect Answer
    B Reserve Bank of India Act Correct Answer Incorrect Answer
    C Prevention of Money Laundering Act Correct Answer Incorrect Answer
    D Recovery of Debts and Bankruptcy Act Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Section 11A. Verification of Identity by Reporting Entity—(1) Every Reporting Entity shall verify the identity of its clients and the beneficial owner, by— (a) authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016) if the reporting entity is a banking company; or (b) offline verification under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016); or (c) use of passport issued under section 4 of the PassportsAct, 1967 (15 of 1967); or (d) use of any other officially valid document or modes of identification as may be notified by the Central Government in this behalf.

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