Economics · Economy
According to the Reserve Bank of India (RBI) rules on periodic KYC updates, if a customer completely fails to comply after banks issue multiple mandatory reminder notices, what operational enforcement action can banks take?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Levy indefinite recurring processing transaction penalty fees
- 2Impose partial freezing and eventual account closure after due notice✓
- 3Force an immediate structural operational merger with another account
- 4Apply automated statutory balance compounding increments
Correct answer
Impose partial freezing and eventual account closure after due notice
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