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KYC-Know Your Customer


Well-known member
I have had a savings account in a nationalised bank for about 26 years.

After this period , it has felt the need to know me thru KYC-Know Your Customer

I thought it was amusing.

There was also a word of caution that the account would be blocked if i do not submit the KYC details.

I have a basic fear.

What is the guarantee that the info. given for KYC would not be sold by some insider to others who can misuse it.

Bank info is hardly secure.

It appears that banks are scared about the depositors and are wary of lending with frequent discovery of new frauds.

Consolidation of nationalised banks has only lead to more issues and problems for account holders.

Banking services have deteriorated with more opting for VRS and increased load on employees as vacancies are not filled

up. Services have taken a hit with employees openly asking depositors to go on line to get whatever info they want.

There appears to be no alternative to privatisation of nationalised banks.

Shares of nationalised banks with huge NPAs in share market are dismally low with some trading near their book value .

WE spend huge amount of tax payers money to recapitalise them. Is it worth doing that. What public purpose is being

served by these banks?

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