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Q.

Which of the following is the purpose of introducing ‘Know Your Customer’ norms by the banks?

[A] To bring more and people under the banking net
[B] Identifying people who do not pay income tax
[C] To ensure that the money deposited in banks has come from genuine sources
[D] To ensure whether the money deposited in the bank is of an India or a foreign national
[E] None of the above

Answer & Explanation

Answer: Option [C]

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