Business Standard

Illegal freezing of bank accounts

Unilaterally freezing an account has a series of consequences on standing instructions, for loan repayments, credit-card payments

Axis-Bank-Current-Account
Premium

Debashis Basu
While attempting to do an online transfer of funds, Randeep Arora, a retired army officer, found his account was frozen for “non-compliance” with Know Your Customer (KYC) norms. Despite having maintained a salary account, and later a pension account, with the bank for 30 years, and when the bank already has his Pension Payment Order, Aadhaar card, PAN card, etc on record, he was harassed by putting a freeze on his money without any prior intimation to update KYC details.

One evening when Irfan Khan went to purchase fuel, he discovered his debit card was blocked without any intimation to him.
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com 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: Jun 18 2023 | 10:26 PM IST

Explore News

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

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com