Banks stepping up efforts to get 'Know Your Customer' details
Customers had better take their bank's request to submit know-your-customer (KYC) documents seriously. Else, some banking services may be curtailed.
ICICI Bank has sent SMSes to its customers who did not respond to its earlier requests for furnishing KYC documents, to the effect that if they don't submit the documents within seven days Internet banking services may be discontinued.
Now, if you have not stepped into a bank branch in a long time due to the convenience of Net banking, then not submitting the KYC documents (latest photograph, original and self-attested copies of identity and address proofs) could land you in hot water.
ICICI Bank has asked its customers to submit the documents at the branch nearest to them. A senior Reserve Bank of India official said that he too was asked by his bank — HDFC Bank — to submit KYC documents.
"In the backdrop of online frauds that have recently taken place, banks are only trying to secure customers' interest by seeking KYC details. Online fraudsters are on the prowl. So, revalidation of the proof of identity and address is in order. Read more
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