Discussion Forum : Nabard & Other Bank Examinations
Question -
Which of the following is not the key element of the KYC Policy?
Answer: Option D
AS PER RBI GUIDELINES ALL BANKS ARE REQUIRED TO FORMULATE A KYC POLICY WITH THE APPROVAL OF THEIR RESPECTIVE BOARDS. THE KYC POLICY CONSISTS OF THE FOLLOWING FOUR KEY ELEMENTS: 1) CUSTOMER ACCEPTANCE POLICY 2) CUSTOMER IDENTIFICATION PROCEDURES 3) MONITORING OF TRANSACTIONS 4) RISK MANAGEMENT.
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AS PER RBI GUIDELINES ALL BANKS ARE REQUIRED TO FORMULATE A KYC POLICY WITH THE APPROVAL OF THEIR RESPECTIVE BOARDS. THE KYC POLICY CONSISTS OF THE FOLLOWING FOUR KEY ELEMENTS: 1) CUSTOMER ACCEPTANCE POLICY 2) CUSTOMER IDENTIFICATION PROCEDURES 3) MONITORING OF TRANSACTIONS 4) RISK MANAGEMENT.
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