Mumbai: An ongoing study by the Reserve Bank of India (RBI) to verify charges of money laundering by banks has found several violations of know-your-customer (KYC) norms. This could have possibly aided tax evasion by customers, said an RBI official familiar with the study. The study covers 34 banks spanning the public and private sectors, including foreign banks in India, that are active in selling gold coins and wealth management products...........
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