1.

What Is Kyc Policy?

Answer»

As per RBI guidelines issued vide their circular DATED 29/11/2004, 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.

As per RBI guidelines issued vide their circular dated 29/11/2004, 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.


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