KYC Forms.
Now a days KYC is required to be furnished for all financial accounts, Mobile Sim Cards. The KYC forms in few Banks are quite lengthy and asks for unwarranted information such as your income, Family Income, names/ ages/ occupation of Spouce, children even if they are minors, your educational qualification details, details of Father, Mother’s maiden name etc… It is high time that the RBI should intervene & guide all the Banks to restrict the information for only relevant heads. RBI should specify such heads.
The Banks ask their own staff members who served them for 30/40 years to furnish KYC forms. Is it not ridiculous?
Earlier only illiterate customers were required to furnish Photographs for identifying them at the time of withdrawal. Now all customers are required to furnish Photographs. What is the reason behind it that RBI only knows especially when photo identification is furnished. Some Banks ask for two photos from all customers of which one is pinned with the passbook. Why is it required that nobody is able to answer. Is RBI interested in reducing the unemployment in the country so that at least some persons will turn to photography?
One Bank refused to open an account of one of my relative just because his signature on account opening form & Pan card differed. Pan card was furnished as photo identity card and not signature verification card. If instead of Pancard he had furnished Voter Identity card or Aadhar card which does not bear signature Bank would have accepted the A/C opening form. This is really disgusting.
Will RBI take cognizance of all the points mentioned above and advice all the Banks under them suitably? more
The Banks ask their own staff members who served them for 30/40 years to furnish KYC forms. Is it not ridiculous?
Earlier only illiterate customers were required to furnish Photographs for identifying them at the time of withdrawal. Now all customers are required to furnish Photographs. What is the reason behind it that RBI only knows especially when photo identification is furnished. Some Banks ask for two photos from all customers of which one is pinned with the passbook. Why is it required that nobody is able to answer. Is RBI interested in reducing the unemployment in the country so that at least some persons will turn to photography?
One Bank refused to open an account of one of my relative just because his signature on account opening form & Pan card differed. Pan card was furnished as photo identity card and not signature verification card. If instead of Pancard he had furnished Voter Identity card or Aadhar card which does not bear signature Bank would have accepted the A/C opening form. This is really disgusting.
Will RBI take cognizance of all the points mentioned above and advice all the Banks under them suitably? more
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KYC means know your customer which is mandatory for banks to know their customers.But practically it seems to be a duty on the part of the customers.The most harassed persons are Pension Holders about whom a little has to be know because they earn pension from Government so the root lies there.In fact bank officers seems to be the kings of their kingdom.They should know that they will be retired on day and to be harassed in same way. more
Dec 04
Agencies taking KYC documents do not take adequate care for the safe keeping or disposal of the KYC docs, thus resulting in the docs falling in wrong hands and used for wrong things. more
Dec 03
KYC is being obtained to discourage money loundering. Please co-operate with the requirement. more
Dec 02
Shri Amitava ji, thanks for information. However, this is not being implemented by all Banks / Mutual funds. Even after KYC notification in my case, Mutual Fund Assets Management companies and their Agents kept on asking for additional details for KYC before converting my physical holdings into D/mat account. In India, there is always a tendency by officials in Govt. /private sector to avoid responsibility resulting in harassment of general public. Even to get routine work done, you need SIFFARISH. Very Sad. more
Oct 31
I have opened properoitery current account with HDFC Bank.I have submitted MSME registration but it is not acceptable by them to comply the KYC norms.I am consultants for reputed manufacturers and my annual income is less than 8.00Lacs.Please advise. more
Oct 22
