Current Affairs

GK MCQs Section
Q. With reference to recent RBI Guidelines on KYC, what does “V” in V-CIP stand for?
Answer: Video
Notes: The Reserve Bank of India (RBI) has rationalized the know your customer (KYC) compliance on May 5th 2021, in the wake of COVID 19 second wave in the country. Under this, RBI has widened the scope of video-based customer Identification process (V-CIP) for proprietorship firms, authorized signatories and beneficial owners of Legal Entities. Submission of identity documents using electronic modes is also enabled by the central bank.
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