RBI relaxes KYC norms for NBFCs
Q. The Reserve Bank of India has relaxed the Know Your Customer norms for ______.- Published on 31 Jul 15
a. Non-Banking Financial Companies
b. Insurance Companies
c. Banking firms
d. Broker Houses
ANSWER: Non-Banking Financial Companies
RBI allowed sole proprietor firms to open accounts in co-operative banks by submitting a single proof of their business. The RBI decision has come after being told that such firms were facing difficulties with regard to furnishing two documents as business activity proof while opening accounts of sole proprietary firms in certain cases.