Icici bank customer identification data updating form

24-Feb-2018 14:16

If the accounts are split with different holders, it becomes even more difficult to carry out proper background checks.

Many have registered complaints on Grahak Seva, the government’s customer-grievances portal, alleging banks repeatedly seek KYC documents, even after these are provided.

Apart from that, the procedure is entirely paperless and it also takes the least turn around time for the insurance companies and the banks, which eventually makes the service better.

With time, as e-KYC becomes compulsory everywhere in the banking and the insurance scenario all forms will be in the electronic form and their will be absolutely no physical documents.

The regulator also cautioned three other banks — Axis Bank, State Banksimplified KYC norms, saying a single document will suffice as proof of identity and address.

It added no separate KYC documentation would be needed while transferring accounts from one branch to another branch of the same bank.

Many have registered complaints on Grahak Seva, the government’s customer-grievances portal, alleging banks repeatedly seek KYC documents, even after these are provided.

Apart from that, the procedure is entirely paperless and it also takes the least turn around time for the insurance companies and the banks, which eventually makes the service better.

With time, as e-KYC becomes compulsory everywhere in the banking and the insurance scenario all forms will be in the electronic form and their will be absolutely no physical documents.

The regulator also cautioned three other banks — Axis Bank, State Banksimplified KYC norms, saying a single document will suffice as proof of identity and address.

It added no separate KYC documentation would be needed while transferring accounts from one branch to another branch of the same bank.

It could be defined as a procedure that would enable a customer to walk in to the bank with an Aadhaar number and open an account by only by getting his fingerprint scanned.