What is the long form of KYC? How many nationalized banks are there in the country? What do banks provide loans for?
Understand the Problem
The question refers to the long form of KYC and the current number of nationalized banks in the country, alongside a question about what banks provide loans for. It seeks to assess knowledge of banking terminology and statistics.
Answer
Know Your Customer, 12 nationalized banks, loans for various purposes.
The full form of KYC is A. Know Your Customer. There are C. 12 nationalized banks in the country. Banks provide loans for various purposes such as education, housing, personal, business, and vehicle loans.
Answer for screen readers
The full form of KYC is A. Know Your Customer. There are C. 12 nationalized banks in the country. Banks provide loans for various purposes such as education, housing, personal, business, and vehicle loans.
More Information
KYC is crucial for verifying customer's identity to prevent illegal activities. Nationalized banks once numbered over 20, but consolidations have reduced this to 12. Loan types include education, housing, and personal needs.
Sources
- The KYC process explained | Swift - swift.com
- What is KYC? Financial regulations to reduce fraud - Plaid - plaid.com
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