CHANDIGARH: In the multi-crore bank fraud at the Punjab and Sind Bank in Sector 24, "Know Your Customer" (KYC)', a mandatory provision for every bank while sanctioning loans to any customer or client, was completely ignored while sanctioning around 131 bank loans to the tune of Rs 20 crore. The fraud amount is expected to go much higher according to investigators. KYC requires the applicants to update the bank with their residential addresses, PAN numbers, names, contact numbers and other details going by mandatory guidelines of Reserve Bank of India (RBI).........
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