Question

    Which document or act allows the RBI to issue specific

    KYC Directions to ensure public interest?
    A The Banking Regulation Act, 1949 Correct Answer Incorrect Answer
    B The Companies Act, 2013 Correct Answer Incorrect Answer
    C The Foreign Exchange Management Act, 1999 Correct Answer Incorrect Answer
    D The Information Technology Act, 2000 Correct Answer Incorrect Answer
    E The Reserve Bank of India Act, 1934 Correct Answer Incorrect Answer

    Solution

    RBI derives the authority to issue KYC Directions under the Banking Regulation Act, 1949. This act empowers RBI to take necessary measures to protect public interest and ensure the stability and integrity of the financial system in India.

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