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September 28, 2016

Banking Awareness Quiz - Set 93

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  1. RBI updated KYC norms on 2 September 2016. In this context, KYC stands for _____________ 
    1. Know Your Copy
    2. Know Your Custom
    3. Know Your Customer
    4. Know Your Credential
    5. Know Your Cashier
  2. Which of the following statement is correct regarding KYC ?
    1. KYC is a process by which banks obtain information about the identity and address of the customers.
    2. KYC procedure is to be completed by the banks while opening accounts.
    3. Banks required periodically update their customers' KYC details.
    4. KYC process helps to ensure that banks' services are not misused.
    5. All of above 
  3. As per RBI update rules of KYC, what are the KYC requirements for opening a bank account ?
    1. Proof of identity
    2. Proof of address
    3. Recent photograph
    4. None of them required
    5. All of above required
  4. Which of the following documents is not one of the 'proof of identity in KYC as per RBI directions ?
    1. PAN Card
    2. Aadhar Card
    3. Birth Chart issued by famous Astrologer
    4. NREGA Job Card
    5. Voters' Identity Card 
  5. Government of India has notified six documents as OVDs for the purpose of producing proof of identity. In this context, OVD stands for   _____________
    1. Officially Voter Documents
    2. Officially Valid Documents
    3. Officially Void Documents
    4. One Valid Documents
    5. Over Valid Documents 
  6. If any person does not have any of the listed documents named as 'proof of identity', whether that person can open a bank account ?
    1. No, he cannot open account.
    2. Yes, he can open account and after 10 days he can submit Identity Proof.
    3. Yes, the customer can open account in RBI, as RBI can give current account to individuals effective from 1 July 2016.
    4. Yes, he can still open a bank account known as Small Account' by submitting recent photograph and putting signature or thumb impression in the presence of the bank official.
    5. Yes, by taking special permission from State Government. 
  7. Usually Small Accounts will have limitations. As per the limitations, at any point of time, the maximum balance in the account should not exceed _____________  
    1. Rs.50,000
    2. Rs.1,00,000
    3. Rs.1,000
    4. Rs.10,00,000
    5. Rs.75,000 
  8. Total credits in one year should not exceed _____________  in Small Accounts as per the order of RBI.
    1. Rs.10,00,000
    2. Rs.8,00,000
    3. Rs.1,000
    4. Rs.5,00,000
    5. Rs.1,00,000 
  9. In the Small Accounts, total withdrawal and transfers in a month should not exceed _____________
    1. Rs.1000
    2. Rs.50,000
    3. Rs.1,00,000
    4. Rs.20,000
    5. Rs.10,000
  10. Water Resources Ministry and Agriculture Ministry on 16 September 2016 made MoU to develop organic farming in over 5000 villages along the banks of _____________   river in each Gram Panchayat rep-resenting a cluster under Paramaparagat Krishi Vikas Yojana. 
    1. Godavari
    2. Krishna
    3. Ganga
    4. Kaveri
    5. Narmada
  11. Whether Foreign remittances can be credit-ed in Small Accounts ?
    1. Yes, but up to $ 1000 per month
    2. Yes, but up to $ 50 per month
    3. No
    4. Yes
    5. None of above option correct 
  12. Small Accounts remain operational initially for a period of  _____________  if the customer does not provide any of the valid documents and thereafter, for a further period of 12 months if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents.
    1. 6 months
    2. 3 months
    3. 18 months
    4. 12 months
    5. 24 months 
  13. Which of the following document cannot be produced as Proof of Address (PoA) as per the updated KYC rules ?
    1. Utility bill, which is not more than two months old, of any service provider (elec-tricity, telephone, water bill etc).
    2. Bank account or Post Office savings bank account statement.
    3. Any hotel bill proved staying of 3 days.
    4. Property or Municipal Tax receipt.
    5. Documents issued by Government departments of foreign jurisdictions or let-ter issued by Foreign Embassy or Mission in India. 
  14. Banks required to categorise their customers based on risk assessment in three categories as per depending on their AML risk assessment as per the RBI directions. These three categories are _____________  
    1. Rich, Poor and Middle Class People
    2. Low, Medium and High
    3. Brown, Black and Red
    4. A, B and C
    5. Territorial, Extra Territorial and None
  15. e-KYC refers to electronic KYC. e-KYC is possible only for those who have Aadhaar numbers. Aadhar Card issued by Unique Identification Authority of India (UIDAI). Who was appointed as the part-time Chairman of UIDAI on 8 September 2016?
    1. U.K.Sinha
    2. T.S. Vijayan
    3. Devendra Sikri
    4. Alka Sirohi
    5. J. Satyanarayana 
  16. APB implemented by National Payments Corporation of India (NPCI), which uses Aadhaar number as a central key for electronically channelizing the Government subsidies and benefits. APB stands for  _____________
    1. Aadhaar Payment Bridge
    2. Aadhaar Point Bridge
    3. Aadhaar pool Bridge
    4. Aadhaar Payment Book
    5. Aadhaar Payment Brand 
  17. As per the order of RBI, KYC exercise needs to be done for all those who want to make domestic remittances of _____________    and above and all foreign remittances.
    1. Rs.50,000
    2. Rs.5,00,000
    3. Rs.10,000
    4. Rs.1,000
    5. Rs.5,000
  18. Banks can close the account of customer, if customer does not provide the KYC documents at the time of periodic updation. Before closing the account, the bank may, however, impose 'partial freezing', Banks have to give due notice of three month sand reminder for further period of _____________  
    1. Six months
    2. Three months
    3. Two months
    4. Ten months
    5. Eight months

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