Business Standard

KYC norms hindering financial penetration

CKYC is failing to have the desired impact due to lack of clear directions from the regulators, and lack of connectivity between the stakeholders and the repository


Harsh Roongta
A doctor got a call from India’s largest nationalised bank. He was told his account would be blocked unless he came and completed a few pending KYC (know your customer) formalities. He rushed to the branch where he was subjected to a pitch for a premium credit card. Annoyed at being pulled out of his schedule on a false pretext, he demanded to know what KYC formalities were pending. He was informed that KYC formality was only an excuse for marketing the bank’s latest product to him. 

A story about mafia king pin Al Capone (1930s in the US) illustrates the
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 28 2021 | 7:40 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to