Analyze the following compliance statements based on the RBI Master Directions on KYC: Statement 1: Reporting entities must appoint a senior rank Principal Officer for furnishing information to FIU-IND. Statement 2: Officially Valid Documents (OVDs) exclude the PAN card for address proof. Statement 3: NPO account openings require verification on the DARPAN portal of NITI Aayog. Statement 4: Juridical persons must be screened against the UNSC banned organizations list. Statement 5: Banks can outsource customer periodic updation identification to a third party. Statement 6: Counterfeit Currency Reports (CCRs) must be submitted by the 15th of the succeeding month.

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General Studies · KYC Master Directions compliance

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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Correct answer

Statements 1, 2, 3, 4, and 6 are correct, while Statement 5 is incorrect under RBI rules.

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Answer 1

Statement 5 is incorrect because banks are explicitly prohibited from relying on third parties for the periodic updation process.

Answer 2

All statements are correct.

Answer 3

Only Statements 1 and 2 are correct.

Answer 4

Statements 1, 2, 3, 4, and 6 are correct, while Statement 5 is incorrect under RBI rules.

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