Discussion Forum : Nabard & Other Bank Examinations
Question -
KYC guidelines have been issued under which section of Banking Regulation ACT 1949?
Answer: Option A
KYC GUIDELINES WERE ISSUED UNDER SECTION 35 A OF THE BANKING REGULATION ACT, 1949.THESE WERE INTRODUCED IN YEAR 2002 BY RBI AND ALL BANKS WERE ASKED TO MAKE ALL ACCOUNTS KYC COMPLIANT BY 31 DECEMBER 2005.BANKS ARE ALSO REQUIRED TO PERIODICALLY UPDATE THEIR CUSTOMERS’ KYC DETAILS.
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KYC GUIDELINES WERE ISSUED UNDER SECTION 35 A OF THE BANKING REGULATION ACT, 1949.THESE WERE INTRODUCED IN YEAR 2002 BY RBI AND ALL BANKS WERE ASKED TO MAKE ALL ACCOUNTS KYC COMPLIANT BY 31 DECEMBER 2005.BANKS ARE ALSO REQUIRED TO PERIODICALLY UPDATE THEIR CUSTOMERS’ KYC DETAILS.
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