In the last few years, banks have seen many changes, from fugitives decamping banks with thousands of crores to crores of zero balance accounts. Practically GoI has made banks available to the poor and downtrodden, things which they have never imagined are happening now. For all benefit schemes money gets directly transferred now and pilferage of national resources has been plugged to some extent. The gas subsidy, old age pension, widow pension, you name the program and benefits are transferred only through banks. Daily wagers, MNREGA or any other casual workforce, payment is through the bank only. Similarly, many changes have been done in banking sectors also with liabilities of banks for money deposited and lockers revised as such new documents/agreements required. Keeping in view the importance of bank accounts RBI issues time-to-time reminders for banks for KYC of its account holders. This has become a yearly exercise now much like the you are alive certificate for pension holders. Imagine the plight of a family which have multiple accounts keeping in view a salary account, savings account, PPF account, NPS account, and Demat account, list is endless and so is the botheration to do KYC every six months. Each day clients are bombarded with the messages do your KYC otherwise account will be freezed and the hapless customer has no option except to frantically knocking bank doors be it forty degrees plus summer or minus degree winter or rainy days, there are no excuses after all. The latest order of RBI has come as a drizzle in the desert. No more personal visits to multiple banks, simple mail from the client if no changes like address are there, but if the address or any other parameter changed then one has to inform the bank via KYC physically. This exercise is most important for OD and loan account holders as recoveries are as important as loans and with the kind of fraud, banks face things are not easy. It is now time for banks to act, and provide clients with digital methods to confirm KYC. A much-needed timely respite from RBI.
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