Finance Minister Arun Jaitely has said that the government wants at least 2 bank account holders per household. As a bank account holder, I find the KYC (know your customer) compliance a nuisance. I hold a savings account with the State Bank of India since 1974. In 2013, the bank asked me to submit a KYC document. I submitted that on November 22, 2013. Now, I have received a letter dated June 6, 2014, from the bank informing that the RBI mandates the bank to ?periodically? update customers’ records. I have been asked to call on the bank branch with original of proof of identity and address and a copy of a recent passport size photograph for the bank?s record, failing which the bank will be compelled to close my account. No new set of documents is demanded for 20 years in case of driving licence and for 10 years in case of a passport My bank has asked for a new set of documents within 6 months. RBI should specify a period, say 10 years, for updating of KYC information.
MC Joshi, Lucknow
