Satin Finserv Operations Executive Interview Questions and Answers

KYC stands for Know Your Customer, a process used by businesses to verify the identity of their clients.

• KYC is a regulatory requirement in many industries, including banking and finance.

• It involves collecting personal information from customers to prevent fraud and money laundering.

• Examples of KYC documents include government-issued IDs, utility bills, and bank statements.

Types of loans include personal loans, home loans, auto loans, student loans, and business loans.

• Personal loans: Borrowed for personal use, such as debt consolidation or home improvements.

• Home loans: Used to purchase a home or real estate property.

• Auto loans: Used to finance the purchase of a vehicle.

• Student loans: Borrowed to cover the cost of education and related expenses.

• Business loans: Obtained for business purpos...read more

There are three main types of KYC: Simplified Due Diligence (SDD), Basic KYC, and Enhanced Due Diligence (EDD).

• Simplified Due Diligence (SDD) - for low-risk customers with minimal verification requirements.

• Basic KYC - for regular customers with standard verification procedures.

• Enhanced Due Diligence (EDD) - for high-risk customers with thorough verification and monitoring processes.

• Examples: SDD for prepaid card users,...read more

GST tax is a value-added tax levied on most goods and services sold for domestic consumption.

• GST stands for Goods and Services Tax

• It is a consumption tax imposed on the sale of goods and services

• GST is levied at each stage of the production and distribution chain

• It replaces multiple indirect taxes like VAT, service tax, etc.

• Examples of countries with GST include India, Australia, Canada, and Singapore