14. Credit History

Credit history is a summary of an individual's borrowings like loans, credit card debts and all other liabilities that need to be repaid or has been repaid. In India, CIBIL (Credit Information Bureau of India Limited) provides the credit report for an individual and contains records of an individual's open and past accounts of loans and credit cards. To get a loan of any kind, it is very important for you to have a good credit history as it reveals all about your payments or defaults.

15. KYC (Know Your Customer)

KYC or Know Your Customer norms are proposed by RBI on banks and financial institutions and are made compulsory to ensure that the banks have the correct identity of their customers. KYC control includes the Collection and analysis of basic identity information (CIP) and Monitoring of a customer's transactions against their expected behavior and recorded profile as well as that of the customer's peers. Banks do KYC to monitor anti-money laundering (AML) and to combat the financing of terrorism (CFT).

Also Read: 4 Precautions to take to Avoid ATM Scams