Question
KYC guidelines followed by the Banks have been framed
on the recommendations of the ______Solution
KYC means āKnow Your Customerā. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banksā services are not misused. The KYC procedure is to be completed by the banks while opening accounts. Banks are also required to periodically update their customersā KYC details.
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