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From KYC to KYB - know your bank

Customers have the right to know their banks as much as the banks do their customers

Tamal Bandyopadhyay 

Tamal Bandyopadhyay

For quite some time now, most senior bankers working for government-owned banks have been suffering from a fear psychosis. Now the paranoia has spilled over to depositors in many private banks although the triggers are different.

The bankers are scared of sanctioning new loans for fear of being hounded by the investigative agencies if the loans turn bad while the depositors’ trust in banks is diminishing as some of them feel their money is not safe with banks. While welcoming a customer into their fold — both depositors as well as borrowers — banks follow the ritual ...

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First Published: Sun, March 22 2020. 20:18 IST
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