Compliance
Compliance Interview Questions and Answers
Q1. Explain about the RBI's requirement on PAPG
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?
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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