Compliance

Compliance Interview Questions and Answers

Updated 28 Jan 2023

Q1. Explain about the RBI's requirement on PAPG

Ans.

RBI requires Prepaid Payment Instruments (PPIs) to be issued only after obtaining prior approval from them.

  • RBI mandates that all PPIs must be approved by them before issuance

  • This is to ensure that PPIs are not misused for money laundering or other illegal activities

  • PPI issuers must comply with RBI's guidelines and regulations

  • Failure to comply with RBI's requirements can result in penalties or revocation of license

  • Examples of PPIs include e-wallets, gift cards, and travel card...read more

Q2. Why is compliance important?

Ans.

Compliance ensures adherence to laws, regulations, and ethical standards.

  • Compliance helps prevent legal and financial penalties.

  • It promotes ethical behavior and protects the reputation of the organization.

  • It ensures the safety and well-being of employees and customers.

  • Non-compliance can lead to loss of business and damage to the brand.

  • Examples include HIPAA regulations in healthcare and GDPR in data privacy.

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