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RBI KYC Update: Do you also keep more than one bank account? If yes then this news is useful for you. Whenever you go to open an account in a bank, you are asked to fill a KYC form. Which includes all the information related to account verification and customer information. In such a situation, if you maintain more than one account and have linked them to the same mobile number, then you need to be careful. Actually, RBI can bring changes in this system in collaboration with banks.
RBI can make big changes
To keep the security of accounts in banks tight, RBI can tighten KYC rules in collaboration with banks. According to media reports, banks can add an additional layer for verification of their customers.
To whom will the rule apply?
According to media reports, this rule of banks will have more impact on joint accounts and multiple account holders with the same number. For this they will have to enter another number in the KYC form. In case of joint account, customers will also have to enter the alternate number. A committee led by Finance Secretary TV Somanathan is working to standardize and ensure interoperable KYC norms across the financial sector. The move aims to address concerns about relaxation of KYC norms by fintech companies, which could increase risks for lenders.
You will get help in this work
A senior bank official with knowledge of the matter told The Economic Times that they are also considering multi-tier secondary identification methods like PAN, Aadhaar and unique mobile number for joint accounts. Secondary identification will enable multiple accounts of an individual to be traced if they are not linked and opened with different KYC documents.
“This will also help in expanding the account aggregator or AA network to joint accounts.” At present, only single-operating individual accounts are covered for sharing of financial information under the AA framework. The Account Aggregator receives or collects information relating to Customer's financial assets from holders of such information and aggregates, consolidates and presents the same to specified Users.