'RBI's instructions to prevent looting under the name of 'KYC'

RBI

New Delhi / Correspondent

The RBI has instructed banks not to suspend anyone's account till December 2021 for the purpose of KYC in order to curb the looting of fraudulent accounts by capturing confidential information from customers under the guise of 'KYC'. Consumers have also been advised to beware of these scams.

Many are avoiding going to the bank during the Corona transition. Therefore, many have to fulfill the 'KYC' documents. Taking advantage of this situation, there are many complaints that some crooks are contacting such customers by phone and stealing bank account information from them. The Reserve Bank has taken steps to prevent this.

The central bank has instructed all banks not to suspend anyone's accounts till December for KYC reasons. Consumers are also urged not to disclose bank account information to anyone by telephone or email.

Share this story