In his last monetary policy review speech on Tuesday, 9 August, Reserve Bank of India (RBI) governor Raghuram Rajan announced the beginning of the central bank’s year-long public awareness and consumer protection campaign.
“...one of the biggest sources of harassment for ordinary customers in the banking system is meeting KYC or Know Your Customer rules. Actually, these have been simplified considerably in the recent past, but sometimes your local branch may not know it. The applicable KYC rules can now be accessed from the RBI’s web page—there is a bar you can click on entitled ‘FAQs (frequently asked questions) for KYCs’,” said Rajan in his speech.
