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) Business Standard
