JAIIB Accounting KYC Questions

Here are the set of JAIIB Accounting KYC [Know Your Customer] Questions

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1) The data on detection of counterfeit Indian notes at bank branches & treasuries should be included in the ______ Returns
forwarded to the Reserve Bank Issue Offices:
a) Fortnightly
b) monthly
c) Bi-monthly
d) Quarterly
Ans: B

2) The banks should re-align their cash management in such a manner so as to ensure that cash receipts in the denominations of
_____and above are not put into recirculation without the notes being machine processed for authenticity:
a) Rs. 20
b) Rs. 50
c) Rs. 100
d) Rs. 500
Ans: C

3) As per RBI guidelines, penalty at ____ of the notional value of counterfeit notes, in addition to the recovery of loss to the extent
of the notional value of such notes, will be imposed when counterfeit notes are detected in the soiled note remittance of the bank and
in the currency chest balance of a bank during Inspection / Audit by RBI:
a) 50%
b) 60%
c) 80%
d) 100%
Ans: D

4) The responsibility of ensuring the quality and genuineness of cash loaded at _______would be that of the Sponsor Bank:
a) White Label ATM’s
b) Brown Label ATM’s
c) Both (a) & (b)
d) None of these.
ANs: A

5) Data on counterfeit notes detected by all the branches of the bank shall be reported in the prescribed format, on a monthly
basis. A statement showing the details of counterfeit notes detected in the bank branches during the month shall be compiled and
forwarded to the Issue Office of Reserve Bank concerned so as to reach them by ___ of the next month:
a) 5th
b) 6th
c) 7th
d) 8th
Ans: C

6) Under Rule 3 of Prevention of Money Laundering Rules, 2005, Principal Officers of banks are also required to report information
on cash transactions where forged notes have been used as genuine note to The Director, FIU-IND, Financial Intelligence Unit- India,
within _____ working days. A ‘nil’ report may be sent in case no counterfeit has been detected during the month.
a) 5
b) 7
c) 10
d) 14
Ans: C

07 Reporting Entities (REs) other than Scheduled Commercial Banks are to upload the KYC data pertaining to all new individual
accounts opened on or after from ___ with Central KYC Records Registry, immediately.
(a) 01.01.17
(b) 01.03.17
(c) 01.04.17
(d) 01.07.17
ANs: C

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08 Where a reporting entity provides an option for One Time Pin (OTP) based e-KYC process for on-boarding of customers, the
maximum balance in such accounts can be:
(a) Rs.25000
(b) Rs.50000
(c) Rs.1 lac
(d) Rs.2 lac
ANs: C

09 Where a reporting entity provides an option for One Time Pin (OTP) based e-KYC process for on-boarding of customers, the
aggregate credit in a financial year, in such accounts can be:
(a) Rs.25000
(b) Rs.50000
(c) Rs.1 lac
(d) Rs.2 lac
Ans:D

10 Where a reporting entity provides an option for One Time Pin (OTP) based e-KYC process for providing term loan, the amount of
sanctioned term loan can be max ____ per financial year:
(a) Rs.50000
(b) Rs.60000
(c) Rs.75000
(d) Rs. 1 lac
Ans: B

11 Deposit and borrowal account opened using one-time-pin (OTP) based e-KYC shall not be allowed for more than ____ within which
Customer Due Diligence (CDD) procedure is to be completed.
(a) one month
(b) one quarter
(c) one half-year
(d) one year
Ans: D

12 Reporting Entities (REs) are required to preserve the customer account information including preservation of records pertaining to
the identification of the customers and their addresses obtained while opening the account, for at least ____ after the business
relationship is ended. :
(a) one year
(b) two years
(c) three years
(d) five years
Ans: D

13 The banks are to maintain, at the Currency Chest level and at link branches level, a Daily Record of Issuances showing the serial
numbers of Mahatma Gandhi (New) Series banknotes in the denominations of Rs.500 and above received from RBI as remittance and
issuance thereof to their own branches, branches of other banks and post offices, branch wise and denomination wise on daily basis.
These records are to be preserved for a period of:
(a) one year
(b) two years
(c) three years
(d) five years
Ans: B

14 Government of India has authorised the______, to act as, and to perform the functions of the Central KYC Registry (CKYCR) :.
(a) Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)
(b) Credit Information Bureau India Limited
(c) Credit Rating India Limited
(d) Central KYC Registry Limited
Ans: A

15 Scheduled Commercial Banks (SCBs) may upload the KYC data with Central KYC Registry, in respect of new individual accounts
opened on or after :
(a) 30.06.16
(b) 15.07.16
(c) 31.07.18
(d) 30.09.16
Ans: B

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CAIIB ABM Unit 2 Supply And Demand

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1. Economics is a powerful tool for explaining reasons behind changes in the theory of Demand and Supply.

2. Economics states how consumer preferences determine consumer demand for ommodities, while business costs determie the supply of commodities.

3. Price of commodity increases, supply decreases & vice versa. This relationship that exists between price and quantity called Demand Schedule /or Demand Cirve

4. Demand curve: Graphical representation of Demand Schedule

5. Law of Downward – Sloping Demand: When the price of a commodity is raised buyers tend to buy to less commodity. Similarly when price is lowered, quantity increased .

6. Market Demand: which represents the sum total of all indidvial demands

7. Forces behind Demand Curve:
(i) Average Income
(ii) Size of the Market
(iii) Price and Avaialability of related Goods influence the demand of a commodity
(iv) Tastes or Preferences
(v) Special Influences will affect demand of a particular product

8. Supply Schedule: Relates the quantity supplied of a good to its market price. Also called Supply Curve.

9. Supply Curve: Graphical representation of quantity supplied of a good to its market price.

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