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    Question

    As per Union Budget 2023-24, how will the KYC process be simplified?

    A Adopting a ‘risk-based’ approach Correct Answer Incorrect Answer
    B Adopting a ‘one size fits all’ approach Correct Answer Incorrect Answer
    C By increasing the number of compliances Correct Answer Incorrect Answer
    D By introducing new legal provisions Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Adopting a ‘risk-based’ approach. The information provided states that the KYC process will be simplified by adopting a ‘risk-based’ instead of ‘one size fits all’ approach.

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