My View on "K(now) Y(our) C(haos)":
KYC has become very handy for banks to Keep YOUR Customers Away. They demand some document which the customer does not have and drive them away from branches. Bank Employees serve themselves. Before going to the bank Know Your Bank first and Know your Compulsions to have an account opened. Employees will ensure that You Are Not a Wanted Customer and they have KYC norms to back their wish. God Save Indian Banks and Financial Inclusion which is never going to be there in the present two or three generations and future generations also as long as Bank employees and authorities do not really have a mind set to view customers as a Business Opportunity. If it is absolutely essential then only go to the Bank. NRI customers are the worst lot as they cannot have regular contacts as the phones are not meant afor any Communication and emails are seldom read and answered.They are lucky in the sense that they do not come in personal Contacts with the employees to incur their displeasure and wrath.
- Dr.T.V.Gopalakrishnan
First thing to do is delink KYC from Money laundering. As former commercial banker I know the moment a branch manager gets a circular combining these two unconnected issues he or she will become rigid in handling a potential customer.Change the nomenclature to make it appeal a simple one. May be it can br christened Client Introduction Form. Allow BM and staff or a customer as eligible introducer .Things are likely to change.
- Santhanam
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