Question

KYC guidelines followed by the Banks have been framed on the recommendations of the ______

Q: Answer-KYC guidelines followed by the Banks have been framed on the recommendations of the ______

KYC means Know Your Customer. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks 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 customers KYC details.