8/8 These are just a few examples from 3 villages. Amongst the 147 households we surveyed in these 3 villages, 75% had at least one frozen bank account. Under which law or powers are banks indulging in this financial terrorism?
— Road Scholarz (@roadscholarz) October 22, 2024
(Story credit: local NREGA Sahayata Kendras) pic.twitter.com/ooVVWBJiJ0
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30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
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(1) Message after message to frighten the customer.
(2)Account gets blocked except for credits.
(3)Search the internet and find a bank pamphlet that clearly shows that if there are NO changes then KYC can be done by SMS, Internet banking or at ATM!
(4)Search internet banking and find that there is no “re-kyc” option available under “other services” or anywhere else.
(5) Visit the branch and I’m told , “ No, you have to be present in person only. No forms will be given(a story is dished out as to why forms are not given to be filled and signed at home). All forms must be signed in front of the staff only. “Aadhaar” copy is a must.
(6) If you have a joint account then both persons must be present at the same time and sign right in front of the staff.
(7) After 2 visits to the branch to inquire; finally, visit the branch 3rd time , only to be told that the concerned staff is on leave.
(8) The branch manager agrees to be helpful and request another staff to help out. But, only the forms and photocopies and signature work will be done. The OTP (??) will be sent the next day as there is staff shortage.
(9) Poorly “Xeroxed” forms are handed out to fill. Nowhere on the form does it mention “Re-KYC”.
(10) Note that I have NO changes to make at all to my KYC.
(11) I am told to fill in account details, email id, phone no. and sign at the bottom. The form heading and at every line, mentions that you wish to “change” your email id, “change” your phone no. etc.
(12) I give a new heading to the form: Re-KYC.
(13) I strike out “I wish to change” and fill the details requested and sign my signature that I have been signing for 4 decades.
(14) I provide self-attested copies of voter id and PAN.
(15) “where is aadhar?” . I ask “why you need “aadhar”?.” without aadhaar no KYC”. I tell the staff that the bank cannot force anybody to provide aadhaar only. I remind him that my UID is linked with PAN as per regulations. Then, i am told that aadhaar is required as per procedures to generate OTP.
(16) I show my UID print out to the staff and tell him that I shall not provide copy of it. Let the bank refuse my KYC , then I shall take up the matter with RBI.
(17) We are then given signature cards, photo is stuck on the card, we are told to sign, 2nos signatures - line 1 and line 2.
(18) Next day, bank staff kindly calls and alerts us about OTP. We provide the OTP and we are told that we could resume using the account from evening.
(19) The million dollar question: after insisting that we must be present “habeas corpus” and sign right in front of the staff; then, why on earth does verification have to be done via UID?
(20) I receive email : Quote ..........We have modified your signature for customer id ....... in our records. If you have not requested for change of your signature contact branch immediately. Signature change information message........Unquote.
(21) Whaaat? You force me to do re-kyc when I had no changes to make, you block my account, you force me to be present in body, you give me forms and cards to fill and sign, you say joint account-holders have to be present at the same time, then you claim that I had “requested for a signature change”.
(22) Nowhere am i told, “your re-kyc has been done as per RBI and Finance Ministry regulations”! WHY is this fact not openly admitted?
(23) I do not receive any message from UIDAI that someone used my UID info. for authentication.
Ms Dalal and ML Foundation had emphasized this point when the Aadhar number was introduced and she has been proved right.
If the GoI is serious about rooting out black money and helping law abiding citizens conduct economic transactions, it must insist on the banks having a dedicated person to help these customers.
All customers are important, not just those with fat bank balances.