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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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