Many a time we read in newspapers about ‘Know Your Customer’ norms to be followed by the banks. Why so much emphasis is paid on KYC norms ? (Pick up the correct statement). - Study24x7
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265 followers study24x7 15 Feb 2021 12:47 PM study24x7 study24x7

Many a time we read in newspapers about ‘Know Your Customer’ norms to be followed by the banks. Why so much emphasis is paid on KYC norms ? (Pick up the correct statement).

A

It is a measure to provide quick and prompt service to the customers.

B

The purpose of this is to bring more and more people in Income Tax network.

C

It is basically an ‘Anti­ Money Laundering’ exercise.

D

It is an activity which allows banks to protect the identity of its High Worth Customers so that other banks who it will are their competitors, cannot approach them.

E

None

Banking
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