Know Your Customer: If you have more than one bank account, but you have linked those bank accounts to the same number, then this news is for you. RBI is preparing to make bank KYC more stringent.
KYC Update: If you have more than one bank account and you have linked those bank accounts to the same phone number, then this news is going to be very useful for you. Account holders having the same phone number in more than one bank account may have to go through new changes in the coming days. Actually, Reserve Bank of India (RBI) can bring changes in this system in collaboration with banks. Which will affect the account holders having multi bank accounts.
More than one bank account holders will be affected
Whenever you go to open a bank account, you are made to fill the KYC Form. In that you have to register your mobile number. If you have more than one bank account and have entered the same number in KYC, then you may soon have to face new changes. Actually, RBI is preparing to take strict action regarding the security of bank accounts. RBI, in collaboration with banks, can make changes regarding the security of bank accounts. To keep the security of bank accounts tight, RBI can tighten the KYC rules in collaboration with banks. For this, an extra layer can be imposed for verification of bank account holders.
Extra layer for verification of bank account
According to the report of Economics Times, RBI is preparing to add an extra layer for bank account verification to make the bank account more secure. For this, KYC standards can be made stricter. RBI may take action due to negligence regarding KYC. For this, a committee headed by Finance Secretary TV Somanathan is working to ensure interoperable KYC rules in the financial sector. RBI may add additional layers to the verification layers for identification of bank accounts and account holders. The bank can update KYC in the accounts of those account holders who have more than one bank account linked to one phone number. KYC of bank accounts can be updated for those people who have more than one bank account opened with different documents.
What will be the change
Bank account holders having multiple bank accounts, whose bank accounts are linked to the same number, will be affected. They may have to enter another number in their KYC form. Those who have joint accounts will also have to update their other number in the KYC form.
This means that in the coming days, account holders having more than one account may have to undergo more verification. More documents may be demanded from them for KYC. Let us tell you that recently RBI took action against Paytm Payment Bank due to ignoring KYC rules. RBI does not want any irregularities in the KYC related matters of banks, hence it is in a mood to be more strict.
