FULL FORM OF KYC

-
         KYC stand for Know Your Customer. It is a process followed by a financial  institution or other organisations to collect the information to established the identity of a client. This process was introduced by Reserve Bank of India to curb the financial frauds such as identity theft,illegal transactions and money laundering. RBI has instructed the banks to follow the KYC process while opening the account to curb any illegal transactions.
        This process protects the customers from fraudsters who might use their name,address and forged signature to make illegal transactions. It also involves obtaining information of the customers which include all their personal details with attached proofs that works as an authentication of the customers activity and assures the respective bank and organisation about a clean record of that client/customers.

PURPOSE OF KYC 

       The followings are main objectives of the KYC--
  1. It ensures that the bank/organisation will not be misused or taken advantage of by some fraudsters through money laundering activities.
  2. It procedure helps the banks,financial institution and any organisation to know the financial activities or dealings of its customers /clients.
  3. It also helps keeping a check, that the customers/clients of any organisation are not involved in any type of money laundering and can assess the risk.
  4. It also helps in curbing corruption,restricting illegal activity such as terror funding ,money laundering and identity theft.

Comments

Post a Comment

Popular posts from this blog

-
ENGLISH CLASS - 6  CHAPTER - 8 A GAME OF CH ANCE    WORKING WITH THE TEXT QUESTION A Complete the following sentences from memory choosing a phrase from those given in brackets. 1. --------------------------was held at the time of Eid festival.( A big show, A big fair, A big competition) 2. Tradesmen came to the village with all  kinds of goods ----------. (to display, to buy, to sell) 3. Uncle told me -------------- while  he was away.(not to buy anything, not to go anywhere, not to talk to anyone) 4. The owner of the Lucky Shop wanted everybody present ------------------------- .  (to play the game, to win a prize, to try their luck) 5. The first time I took a chance I got --------------.(a bottle of ink, two pencils, a trifle) 6. Uncle told me that the shopkeeper had made --------------.(a fool of me, a good profit, friends with many people) ANSWER 1. A big fair 2. to sell 3. not to buy anything 4. to try their luck 5. two...
Read more
-
SCIENCE CLASS 10 CHAPTER -1 CHEMICAL REACTION AND EQUATIONS QUESTION 1.     Which of the statements about the reaction below are incorrect?           2PbO(s) + C(s) → 2Pb(s) + CO2 2 (g) (a)Lead is getting reduced. (b)Carbon dioxide is getting oxidised. (c)Carbon is getting oxidised. (d)Lead oxide is getting reduced. (i)(a) and (b)                             (ii)(a) and (c) (iii)(a), (b) and (c)                    (iv)all ANSWER (i)(a) and (b) QUESTION 2. Fe 2 O 3 + 2Al → Al 2 O 3 + 2Fe The above reaction is an example of a (a)combination reaction. (b)double displacement reaction. (c)decomposition reaction. (d)displacement reaction. ANSWER (d)displacement reaction. QUESTION 3. What happens when dilute hydrochloric acid is added to iron fillings? Tick the correct answer. (a)Hydrogen gas and iron...
Read more

FULL FORM OF NSCCL

-
     NSCCL stand for National Securities Clearing Corporation of India Limited.Now it is known as NSE clearing limited. It is a wholly owned subsidiary of NSE which is responsible for clearing and settlement of all trades executed on NSE and deposit and collateral management and risk management function.It was the first clearing corporation to be established in India and introduced as settlement guarantee before it became a regulatory requirement. OBJECTIVE OF NSCCL There are some objectives of the NSCCL which are as follows- 1. To bring and sustain confidence in clearing and settlement of securities. 2. Promoting and maintaining short and consistent settlement cycles. 3. Provides counter party risk guarantee. 4. To operate a tight risk containment system.      As per CRISIL,the rating reflects NSCCL's status as Clearing Corporation for NSE. The rating also factors in NSCCL's rigorous risk management controls and adequate settlement guarant...
Read more