Answer-In the context of wire transfers, who is defined as the “Beneficiary” according to RBI&r...

The Beneficiary in a wire transfer is the person or entity de signated t o receive the funds from the transaction. This individual or entity is typically specified by the originator, ensuring the correct party receives the amount transferred.

Question

In the context of wire transfers, who is defined as the “Beneficiary” according to RBI’s KYC guidelines?

A The intermediary bank processing the transfer

B The person initiating the transfer

C The bank that initiates the transfer

D The natural or legal person identified as the receiver of funds

E The RBI-regulated bank overseeing the transaction

Practice Next

More Banking Operations Questions

As per section 2(52) of the CGST Act, 2017, the term "Goods" includes
Basel III requires minimum Common Equity Tier 1 ratio of:
When the RBI increases the "Repo Rate," it generally leads to:
The "Basle III" norms primarily focus on:
What are sweat equity shares?
What is the maximum aggregate withdrawal limit for a small account per month where KYC is not completed ?
"Systematic Risk" is also known as:
Nostro account is maintained in:
What is the primary role of the Central KYC Records Registry (CKYCR)?
"Amortization" is the process of:

Relevant for Exams:

SIDBI Grade A (Assistant Manager)

Hey! Ask a query

In the context of wire transfers, who is defined as the “Beneficiary” according to RBI’s KYC guidelines?

Detailed Solution

More Banking Operations Questions

Relevant for Exams:

Hey! Ask a query

Please Register/Login