1. In the Video Customer Identification Process (V-CIP), which of the following is a mandatory security requirement?
Only PAN card can be used as ID proof.
The official conducting V-CIP must be a bank official, not an agent.
The video call can be originated from the customer's domain.
The customer must be physically present in the bank branch.
Explanation:
RBI guidelines strictly specify that the V-CIP must be operated by officials of the Regulated Entity (Bank) only. Business Correspondents (BCs) or Direct Selling Agents (DSAs) are NOT authorized to conduct the video interaction to ensure data security and accountability.
2. A "Small Account" is initially valid for 12 months. It can be extended for another 12 months if:
The account holder deposits ?50,000.
The branch manager approves the extension.
The account holder provides a self-declaration of having applied for an Officially Valid Document (OVD).
The balance in the account is less than ?10,000.
Explanation:
A Small Account (opened without full KYC) can be extended for another 12 months if the customer provides proof that they have applied for any of the OVDs (like Voter ID, NREGA card, etc.) during the first 12 months.
3. Which of the following is NOT considered an "Officially Valid Document" (OVD) for KYC, but is accepted as a "Deemed OVD" for low-risk customers if it contains the address?
Utility Bill (Electricity/Telephone) not more than 2 months old.
Aadhaar Card.
Passport.
Voter ID Card.
Explanation:
The 6 core OVDs are Passport, Driving License, Voter ID, NREGA Card, Aadhaar, NPR Letter. Utility bills are "Simplified Measures" or Deemed OVDs allowed primarily for address proof for low-risk customers when OVD doesn't have the current address.