KYC norms hindering financial penetration

Topics KYC | KYC compliance | KYC norms

A doctor got a call from India’s largest nationalised bank. He was told his account would be blocked unless he came and completed a few pending KYC (know your customer) formalities. He rushed to the branch where he was subjected to a pitch for a premium credit card. Annoyed at being pulled out of his schedule on a false pretext, he demanded to know what KYC formalities were pending. He was informed that KYC formality was only an excuse for marketing the bank’s latest product to him.  A story about mafia king pin Al Capone (1930s in the US) illustrates the importance of K.....

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