Unfortunate. This has been happening with @AxisBank also, and they have been foolishly giving stereo type explanations even after clarifying things clearly and giving required documents for re-KYC
— CA Sunilkumar A B (@sunilkumar_ab) November 29, 2022
It happened to us,
— bhavesh (@bvbafna) November 30, 2022
They took the chqs and deposits,
But froze payments on account of kyc sign mismatch apparently,my kids school fees chq gt bounced,
The branch manager assured us to represent and again bounced,
These govt banks,staff dnt care a hoot..
The worse challenge for them is to get their KYC documents notarised and unlike India they must get an appointment from Notary's office which may take 2 to 3 weeks (4 weeks in UK) (2/2).
— Rakesh (@Mumbaiyyaa) November 29, 2022
I have interviewed hundreds of bank officers. They told me they have neither any time nor inclination to read RBI circulars. They follow only those directions which flow down from their own Head Offices through CBS. And HO more concerned abt their business targets than RBI circ.
— Tapan Kumar Pradhan ???? (@Dr_Tapan) November 29, 2022
Almost same happened with my Standard Chartered account. The account was frozen with any intimation due to which my EMIs bounced.
— Simerjeet Singh (@SinghSimmerjeet) November 29, 2022
Hi Mam, with due respect Banks lies to RBI in black and white and whenever you raise a complaint it's closed with banks response your details are not considered even proofs are submitted. I have proofs and submitted multiple times still fighting to get it heard.
— Saanvi Nursery (@SaanviNursery) November 29, 2022
Thanks
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ICICI bank is forcing me to come to branch to complete Re-Kyc activity with physical forms and document copies.
my account is 25 yrs old with ICICI. despite mail to their cust support where their teams act without any intelligence in their response, they are not willing to consider they need to enable document upload online.
they seem to not be interested in this process but in person verification.
despite this article none of the banks are acting in line with RBI guideline.
Can the RBI guideline link be also posted here in the article.
banks are taking RBI for granted. they are not implementing any of these processes. why? - jus t that they want to save on the cost of going to the cust premises to verify the address as prescribed by RBI.
Banks say RBI wants it. Brokers say that SEBI wants it.
Isn't KYC and self attestation unique to India?
1) I'm a NRI and have to go through 3rd degree KYC torture every 2 years. Recently I gave ICICI my KYC papers in person in a branch. I gave my original international driver's license which has my address. It has holographic security features and hence slightly harder to read but it is readable. The branch took a photocopy and while both the branch manager and I could read the address clearly on the photocopy, they refused to accept it saying that when they scan that photocopy and send it, their back office won't be able to read it and will reject the KYC. They sent me back asking me to bring another international address proof. They don't care that it is the only permissible proof I have.
2) I'm an employee of an MNC bank that transferred me overseas to another country where they operate. Post that, I could never meet the expected KYC standards for my erstwhile salary account in the same bank in India. After trying everything possible to satisfy their paper requirements for over 18 months, I finally had to close the account instead of trying to do KYC. So shocking that I was still an employee of the same bank and had been their employee for almost a decade, but they couldn't do a KYC on me!!!
Sir/Madam - Only you can take this up collectively with RBI. I heard that there is a central record where the KYC is updated. Why should a customer given the docs to each and every bank if it is updated in the central registry.
The least we want is the Receipt of the KYC done and risk classification of the customer so that the bank does not keep asking for it so often. The manager promises something but by the time new KYC asked , s/he has been transferred and you have no one to argue with. Banks DO NOT VALUE CUSTOMERS anymore.