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Bank KYC Update: Lakhs of customers across the country are facing huge problems in updating KYC of bank accounts. Many banks are classifying accounts that have been inactive or less used for a long time in the sensitive category. After this, banks are completely banning the operation of bank accounts of customers without giving any correct information.

Due to this, customers have to visit bank branches again and again to reactivate their account and update KYC. RBI has provided online and digital facilities to ease the KYC process. Despite this, many banks are continuously making unreasonable demands from customers to submit a copy of Aadhar card and passport size photo.

Problems for the elderly and disabled

In the name of KYC, the elderly, disabled and simple customers from rural areas are facing the most trouble. People whose account is in a branch in another city or town also face a lot of problems. They are being forced to go to the same parent branch just to get their KYC updated.

Due to not updating KYC on time, transactions in many accounts have been completely banned. Its worst impact is directly falling on the people taking benefits of pension, scholarship and many important government schemes. Many customers are facing huge difficulties in withdrawing the required money from their own accounts.

Complaints on social media

Banks are receiving a large number of complaints regarding KYC updates. Arijit Sharma has lodged his complaint on social media platform X, tagging Indian Overseas Bank. He said that his Aadhaar card has been completely linked to another person’s account by mistake.

Another customer Digvijay Sharma writes that his mother is much more than 75 years of age. His account has been completely frozen temporarily which is very wrong. Along with this, the bank employees are continuously asking the 75 year old man to come to their branch in the scorching heat.

Important rules for KYC

As per rules, if there is no change in the KYC information of the customer then self-declaration is sufficient. In such cases, there is absolutely no need to submit any required documents again. Banks also have to give necessary information to customers at least three times before the due date.