Q. For how many years, the Banks have been directed by the Reserve bank of India to maintain records relating to suspicious transactions?
Answer: 10 years
Notes: The correct answer is 5 years. The Reserve Bank of India (RBI) mandates that banks maintain records of suspicious transactions for a minimum of five years. This requirement is part of the Anti-Money Laundering (AML) guidelines to ensure that financial institutions can assist in investigations and prevent financial crimes. The five-year retention period aligns with international standards set by the Financial Action Task Force (FATF).