Banking Awareness Quiz for Bank Exams 2021- 24th April

Q1. What is the full form of KYC?
(a) Know Your Credit
(b) Know Your Customer
(c) Know Your Character
(d) Know Your Cash
(e) None of these

Q2. New customer identification for opening a bank account can be made through
(a) Passport
(b) Voter card
(c) Driving License
(d) Pan Card
(e) All of the Above

Q3. While opening an account UCIC means
(a) Unique Customer Identification Character
(b) Unique Customer Identification Code
(c) Unique Customer Identification Criteria
(d) Unique Customer Index Code
(e) None of these

Q4. What is the purpose of KYC?
(a) To know customer’s identity and verifying the identity
(b) To know customer’s family status
(c) To know customer’s health status
(d) To know customer’s bank balance
(e) None of these

Q5. Banks should update KYC data for medium risk category customers once in… years.
(a) 10
(b) 9
(c) 7
(d) 8
(e) 6

Q6 KYC guidelines have been issued under which section of Banking Regulation ACT 1949?
(a) Section 35 B
(b) Section 35 A
(c) Section 36 A
(d) Section 37 B
(e)None of these

Q7 RBI issued the KYC guidelines on the recommendations of
(a) BASEL II
(b) FATF on AML and Combating of Financing of Terrorism
(c) Bank Secrecy Act
(d) CIBIL
(e) None of these

Q8 Which document is not a proof of identity for KYC?
(a) Health Card
(b) Driving License
(c) Pan Card
(d) Voter Card
(e) Aadhaar Card

Q9 What is e-KYC?
(a) Effective-KYC
(b) Efficient-KYC
(c) Electronic-KYC
(d) Estimate-KYC
(e) None of these

Q10. The saving accounts of politically exposed person is categorized as
(a) Low Risk
(b) Medium Risk
(c) Zero Risk
(d) High Risk
(e) None of these

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Banking Awareness Quiz for Bank Exams 2021- 20th April

Solutions

S1.Ans(b)
Sol. Full form of KYC is Know Your Customer.

S2.Ans(e)
Sol. New customer identification for opening a bank account can be made through Passport, Voter card, Driving License, Pan Card.

S3.Ans(b)
Sol. UCIC is Unique Customer Identification Code that helps the bank to identify customers, track the facilities availed, monitor financial transactions.

S4.Ans(a)
Sol. The purpose of KYC is to know customer’s identity and verifying the identity.

S5.Ans(d)
Sol. According to the RBI, those categorized as low-risk customers should be asked to update KYC details once in 10 years, for medium risk once in 8 years and for high-risk customers once in 2 years.

S6.Ans(b)
Sol. RBI issues guidelines for KYC, through Banking Regulation Act, 1949 Section 35A.

S7.Ans(b)
Sol. RBI issued the KYC guidelines on the recommendations of FATF on AML and Combating of Financing of Terrorism.

S8.Ans(a)
Sol. Health Card is not a document of proof of identity for KYC.

S9.Ans(c)
Sol. e-KYC means electronic-KYC which is possible only those who have Aadhaar numbers.

S10.Ans(d)
Sol. The PEPs fall under the category of high-risk customers by the financial institutions and thus need additional KYC.

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