Question Bank - Banking & Financial Services

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

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What is the full form of KYC?

A.
Know your Customer
B.
Know your Company
C.
Know your Campaign
D.
Know your Community

Solution:

The correct answer is Know your Customer. KYC is also known as 'Know your Client. 'It is a mandatory process of verifying the identity of customers. It ensures not to misuse of banks' services. It enables banks to understand it's customers and their financial dealings. It is done at the time of opening of savings account, FD, Mutual Fund etc.

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