KYC – Kill Your Customer?
Last year, a retired scientist received a call purportedly from SBI informing him that his account is blocked for non-compliance of KYC. They sent him a password to be shared with the caller. He...
Random Reflections: Are Banks Becoming Arms of the Ruling Party?
The Reserve Bank of India introduced “Know Your Customer” norms under the provisions of “Prevention of Money Laundering Act 2002 and Prevention of Money Laundering (Maintenance of Records) Rules 2005. As per these...
Communalising Banks
“Religion cannot be a marker for availing banking services and this amendment should immediately be withdrawn by RBI” a statement issued by around 50 civil society organisations and concerned citizens said. This is in...