As per the provisions of which act all financial institutions have to maintain a record for all form of transactions?

a. Companies Act, 1956

b. Credit Information (Companies Regulation Act, 2005)

c. Information Technology Act, 2000

d. PMLA Act, 2002

ANSWER: PMLA Act, 2002

Explanation:

As per the provisions of Prevention of Money laundering Act (PMLA Act, 2002) all financial institutions (Ex: NBFC, Co-operative Bank etc.,) and intermediary which includes a stock broker, sub broker etc., have to maintain a record for all form of transactions.