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      Question

      In banking, IRAC stands

      for:
      A Income Recognition and Asset Classification Correct Answer Incorrect Answer
      B Internal Rate and Accounting Control Correct Answer Incorrect Answer
      C Interest Revenue and Accrual Compliance Correct Answer Incorrect Answer
      D Investment Review and Asset Categorization Correct Answer Incorrect Answer
      E Institutional Regulation and Audit Committee Correct Answer Incorrect Answer

      Solution

      IRAC norms are guidelines issued by the RBI to ensure that banks categorize their assets (loans) based on risk and recognize income only when it is actually realized for non-performing assets

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