My View on "Banks violate RBI norms to deny zero-balance A/Cs":
Bank staff are system driven and it is the system that applies logic, reason and rule. The staff at the counters in most banks lack knowledge of banking and most do not read their own bank's circular instructions. If the circular instruction translates into a system instruction, it is mercifully applied. There can be no discretionary application that requires the use of banking knowledge. No wonder that the survey revealed what exists in reality.
But one thing: it is important to have not one address but two and this should be mandatory. Why? I site to you a live instance: the maid servant in my house has her landed property in the village that carries a conservative value of INR 3 lakhs. She leaves off her work in the city for a minimum of two days to claim her MNREG wages to work on her own farm land! Many who migrated to the city to educate their sons/daughters and performing such chores are in this task. She also carries a chit in her community for INR 50000 reserved for marrying her daughter when she comes of age. Of course, she does not have a bank account and when she wanted to open she was asked to comply the KYC norm. No frills account in her present demeanor is a qualified account and she just could not open. It is important to have the temporary residential address and permanent address too. Incidentally, later she got the Aadhar card with her temporary residential address and this took care of KYC. The research is with an objective and the sting operation is to expose the banks' ways of compliance. This objective has been served but it is skin deep.
- Yerram Raju
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