Banking · KYC Guidelines
According to RBI's Know Your Customer (KYC) Master Direction, when must Customer Identification Procedures (CIP) be carried out?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only at the end of every financial year during the routine institutional auditing phase.
- 2While establishing a banking relationship (opening an account), carrying out international wire transfers, or walking-in for transactions above Rs. 50,000.✓
- 3Exclusively for international electronic fund transfers that exceed Rs. 1,00,000.
- 4Only when the bank suspects that a customer’s submitted identity documents are fraudulent.
Correct answer
While establishing a banking relationship (opening an account), carrying out international wire transfers, or walking-in for transactions above Rs. 50,000.
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