The 'Know Your Customer' norms are aimed primarily at: MCQ with Answer and Explanation

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The 'Know Your Customer' norms are aimed primarily at:

A. preventing money laundering and fraud

B. reducing interest rates

C. increasing bank profits

D. promoting bank loans

Answer: Option A

Solution (By JKSSB Mock Tests)

KYC norms help banks verify customer identity to prevent money laundering and fraud.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a function of NABARD?

A. Issuing currency notes

B. Refinancing rural credit institutions

C. Promoting rural development

D. Supervising cooperative banks and RRBs

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Correct Answer: Option A

Explanation:
Issuing currency is the function of RBI. NABARD provides refinancing, promotes rural development and supervises cooperative banks and Regional Rural Banks.

This question belongs to: Economy GK Economy Set 1

Question #2

The purchasing power parity exchange rate between two currencies is the rate that:

A. equalizes interest rates

B. maximizes exports

C. equalizes the prices of a basket of goods across countries

D. equalizes trade balances

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Correct Answer: Option C

Explanation:
The PPP exchange rate equalizes the price of a common basket of goods across countries.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Anti-profiteering Authority' under GST was headed by a:

A. Supreme Court judge

B. RBI Governor

C. Finance Minister

D. Secretary-level officer

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Correct Answer: Option D

Explanation:
NAA was headed by a Secretary-level officer.

This question belongs to: Economy GK Economy Set 1

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