Economics · Banking Regulations and KYC
If a Savings Account is opened for a customer based only on the Permanent Account Number (PAN) and a utility bill for address proof, what is the key KYC deficiency that the bank must rectify?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The account must be closed since the PAN is not a complete Officially Valid Document (OVD).
- 2The customer must submit a photograph, as the account is deemed High Risk.
- 3The bank is missing a document from the OVD list that serves as Proof of Identity (PoI).
- 4The bank is missing a document from the OVD list that serves as both Proof of Identity (PoI) and Proof of Address (PoA).✓
Correct answer
The bank is missing a document from the OVD list that serves as both Proof of Identity (PoI) and Proof of Address (PoA).
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