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Your results are here!! for" Know Your Customer (KYC) "
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Question 1 of 10
1. Question
What is the primary purpose of KYC in banking?
Correct
KYC is used to verify the identity and address of customers and helps prevent illegal activities such as money laundering, fraud, and terrorist financing.
Incorrect
KYC is used to verify the identity and address of customers and helps prevent illegal activities such as money laundering, fraud, and terrorist financing.
Unattempted
KYC is used to verify the identity and address of customers and helps prevent illegal activities such as money laundering, fraud, and terrorist financing.
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Question 2 of 10
2. Question
Which institution has mandated KYC compliance for financial institutions in India according to the provided content?
Correct
The Reserve Bank of India (RBI) has mandated KYC compliance for financial institutions to promote transparency and secure financial transactions.
Incorrect
The Reserve Bank of India (RBI) has mandated KYC compliance for financial institutions to promote transparency and secure financial transactions.
Unattempted
The Reserve Bank of India (RBI) has mandated KYC compliance for financial institutions to promote transparency and secure financial transactions.
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Question 3 of 10
3. Question
Which of the following is listed as an Officially Valid Document (OVD) for KYC purposes?
Correct
The provided content lists documents such as passport, driving licence, voters‘ ID card, PAN card, Aadhaar letter issued by UIDAI, and NREGA Job Card signed by a State Government official as OVDs.
Incorrect
The provided content lists documents such as passport, driving licence, voters‘ ID card, PAN card, Aadhaar letter issued by UIDAI, and NREGA Job Card signed by a State Government official as OVDs.
Unattempted
The provided content lists documents such as passport, driving licence, voters‘ ID card, PAN card, Aadhaar letter issued by UIDAI, and NREGA Job Card signed by a State Government official as OVDs.
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Question 4 of 10
4. Question
What does Customer Due Diligence (CDD) involve?
Correct
CDD involves collecting detailed information about the customer’s financial background, including occupation and source of income.
Incorrect
CDD involves collecting detailed information about the customer’s financial background, including occupation and source of income.
Unattempted
CDD involves collecting detailed information about the customer’s financial background, including occupation and source of income.
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Question 5 of 10
5. Question
What is the purpose of ongoing monitoring under KYC?
Correct
Ongoing monitoring involves regularly updating customer information and ensuring that transactions align with the customer‘s profile.
Incorrect
Ongoing monitoring involves regularly updating customer information and ensuring that transactions align with the customer‘s profile.
Unattempted
Ongoing monitoring involves regularly updating customer information and ensuring that transactions align with the customer‘s profile.
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Question 6 of 10
6. Question
Which type of KYC uses digital verification through Aadhaar-based biometric authentication or OTP verification?
Correct
e-KYC is the digital verification of identity using Aadhaar-based biometric authentication or OTP verification and enables a faster, paperless process.
Incorrect
e-KYC is the digital verification of identity using Aadhaar-based biometric authentication or OTP verification and enables a faster, paperless process.
Unattempted
e-KYC is the digital verification of identity using Aadhaar-based biometric authentication or OTP verification and enables a faster, paperless process.
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Question 7 of 10
7. Question
Which organization manages the Central KYC process according to the provided content?
Correct
The provided content states that Central KYC (CKYC) is a unified KYC process managed by the Central Registry of Securitisation and Asset Reconstruction and Security Interest (CERSAI).
Incorrect
The provided content states that Central KYC (CKYC) is a unified KYC process managed by the Central Registry of Securitisation and Asset Reconstruction and Security Interest (CERSAI).
Unattempted
The provided content states that Central KYC (CKYC) is a unified KYC process managed by the Central Registry of Securitisation and Asset Reconstruction and Security Interest (CERSAI).
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Question 8 of 10
8. Question
What is the main feature of Video KYC?
Correct
Video KYC involves a live video interaction with the bank‘s representative to verify the customer‘s identity and address remotely.
Incorrect
Video KYC involves a live video interaction with the bank‘s representative to verify the customer‘s identity and address remotely.
Unattempted
Video KYC involves a live video interaction with the bank‘s representative to verify the customer‘s identity and address remotely.
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Question 9 of 10
9. Question
How do banks classify customers under KYC risk profiling?
Correct
Banks classify customers into risk categories such as low, medium, and high based on their financial activity and the nature of their accounts.
Incorrect
Banks classify customers into risk categories such as low, medium, and high based on their financial activity and the nature of their accounts.
Unattempted
Banks classify customers into risk categories such as low, medium, and high based on their financial activity and the nature of their accounts.
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Question 10 of 10
10. Question
What may happen when an account remains non-compliant with KYC norms for a long period?
Correct
The provided content states that banks may restrict account operations for KYC non-compliance, and accounts that remain non-compliant for a long period may be frozen or closed.
Incorrect
The provided content states that banks may restrict account operations for KYC non-compliance, and accounts that remain non-compliant for a long period may be frozen or closed.
Unattempted
The provided content states that banks may restrict account operations for KYC non-compliance, and accounts that remain non-compliant for a long period may be frozen or closed.