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      Question

      As per Union Budget 2023-24, how will the KYC process be

      simplified?
      A Adopting a ‘risk-based’ approach Correct Answer Incorrect Answer
      B Adopting a ‘one size fits all’ approach Correct Answer Incorrect Answer
      C By increasing the number of compliances Correct Answer Incorrect Answer
      D By introducing new legal provisions Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Adopting a ‘risk-based’ approach. The information provided states that the KYC process will be simplified by adopting a ‘risk-based’ instead of ‘one size fits all’ approach.

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