Question Bank - Banking & Financial Services

Here's the question bank on all the banking & financial services topics.

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In Indian banking, what are the full forms of OTP and KYC?

A.
One-Time Password, Know Your Credentials
B.
One-Time Payment, Know Your Credentials
C.
One-Time Process, Know Your Customer
D.
One-Time Password, Know Your Customer

Solution:

The correct answer is One-Time Password, Know Your Customer. OTP stands for One-Time Password. KYC stands for Know Your Customer. A one-time password (OTP), also known as a one-time PIN or dynamic password, is a password that is valid for only one login session or transaction, on a computer system or other digital device. The know your customer or know your client guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship.

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