Multiple choice

As per the decision taken by the RBI, 'Know Your Customer Norms' are also applicable for which of the following organizations?

  1. NBFC

  2. Insurance Companies

  3. Stock Brokers

  4. Builders and Property Dealers

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The RBI mandates 'Know Your Customer' (KYC) norms for both banks and Non-Banking Financial Companies (NBFCs) to prevent money laundering and terrorist financing. While insurance companies and stock brokers also have KYC requirements, they are regulated by IRDA and SEBI respectively, not primarily by the RBI's banking decisions.