In the early 2000s, KYC regulations were introduced by the Reserve Bank of India to prevent nefarious activities like terrorist financing and money laundering, as the lack of stringent identity and address verification allowed dubious individuals to open bank accounts on behalf of others easily.
Last week the Finance Minister sat down at a meeting to discuss how KYC could be simplified for businesses. So in today’s episode for 26th February 2024, we tell you why it matters.
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