Mumbai, The Reserve Bank of India has instructed banks not to freeze bank accounts from which pension and government subsidies are received, for any reason.
Speaking to the directors of private banks in this regard, RBI Deputy Governor Swaminathan said,
It is necessary to obtain the Know Your Customer (KYC) procedure. Bank accounts from which government subsidies, pensions and welfare payments are received should not be frozen just because of the delay in renewing KYC.
Senior citizens and economically weaker sections should be ensured not to be affected by this.
This is an important goal of the Reserve Bank, which is focusing on improving the quality of customer service. Banks must ensure that customers can use the subsidies and pensions coming into their accounts without any hindrance.
At the same time, they should be contacted through appropriate channels and steps should be taken to obtain and update their KYC information, including address and telephone number changes. He said this.
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