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This story is from May 11, 2006
Banks go slow on opening accounts
With many banks getting pulled up for not exercising due-diligence while opening demat accounts, banks have decided to implement RBI's KYC in letter and spirit.
They have been asked to take that extra effort to know you better before you become a customer.
With many banks getting pulled up for not exercising due-diligence while opening demat accounts, banks have decided to implement RBI's KYC (know-your-customer) in letter and spirit.
Branch managers confess that they have been asked to exercise caution even while opening savings and current accounts.
Branches have been asked to verify the addresses of the prospective customers by visiting the location rather than rely on documentary proof, provided by a customer.
Though KYC norms have been in existence for some time now, not many banks followed the rules in reality. As Vijaya Bank's CMD, Prakash P Mallya says, in the past, banks were hesitant to open fresh savings/current accounts unless the customer was introduced by an existing client."
In recent times, these guidelines were given a go-by due to pressure of competition". Vijaya Bank has appointed officers at regional offices to ensure implementation of KYC norms.
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