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8) Recently the Reserve Bank of India (RBI) imposed monetary penalties on few private banks for non-adherence to certain aspects of know-your-customer (KYC) norms. Critically examine both demerits and merits of imposing KYC norms. Also suggest how its demerits can be overcome.

Topic: money-laundering and its prevention ; Inclusive growth and issues arising from it

8) Recently the Reserve Bank of India (RBI) imposed monetary penalties on few private banks for non-adherence to certain aspects of know-your-customer (KYC) norms. Critically examine both demerits and merits of imposing KYC norms. Also suggest how its demerits can be overcome. (200 Words)

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