Multiple Accounts: People with more than one bank account should know this rule of RBI, otherwise they will face huge consequences...

Nowadays most people have more than one bank account. Whenever a new bank account is opened, the bank asks the customer to fill out a KYC form. In such a situation, if you have more than one bank account and all are linked to one mobile number, then be careful. RBI can make big changes regarding this.

Who will be affected more?
If media reports are to be believed, no matter which bank it is, this rule will have a greater impact on joint accounts and multiple account holders with the same number in all of them. For this, account holders will have to enter another number in the KYC form. Similarly, those having a joint account will also have to provide an alternate number.

A committee led by Finance Secretary TV Somanathan is working to standardize and ensure interoperable KYC norms across the financial sector. There have been allegations of ignoring KYC rules on the part of fitness companies. RBI has taken action against Paytm Payments Bank due to non-compliance with regulatory and KYC rules.

Some people may have more verification
According to a report, a bank official informed that for joint accounts, attention is being given to multi-level secondary identifiers such as PAN, Aadhaar, and unique mobile numbers. In the coming days, there may be more verification of people having more than one bank account and from such people, banks may demand more documents for KYC (Bank KYC Update).

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