Though updation of the records of account holders under the policy KYC (Know Your Customer) is mandatory as per RBI guidelines but the practice, procedure and above all the timing choosen for the updation of records by Jammu & Kashmir Bank has unfortunately put it’s thousands of customers at the receiving end across Kashmir. Blocking the accounts of customers in the holy month of Ramadan just for updation of records without any prior information to customers through print and electronic media is by all standards of understandabilities a bad practice which has gone against the spirits of customer satisfaction promised by Jammu & Kashmir Bank right from the inception and reiterated by it time and again. To the utter dissatisfaction of it’s thousands of customer the Jammu & Kashmir Bank does not reactivate the blocked accounts even after the submission of requisite documents like Aadhar and Pan Cards along with the application forms for updation of records. Blocking the online payments won’t have caused too much of inconvenience to customers but blocking even the offline transactions has put the customers at the receiving end. The traders who find their accounts blocked without any prior notice and don’t see their accounts unblocked even after the submission of the requisite documents face a huge embarrassment from the people to whom they are committed to make payments in time. The practice could have been eased by restoring the blocked accounts within an hour or so after the submission of requisite documents at the concerned bank branches but by pursuing the practice of unblocking the blocked accounts after a day or two the Jammu & Kashmir Bank has caused a great deal of inconvenience to it’s customers.
“While the Reserve Bank of India has already eased the process for updation of records under the policy Know Your Customer (KYC) the J&K Bank has misused the guidelines to put to great deal of inconvenience it’s customers in the holly month of Ramadan when details and documents for updation of records could have been sought online from the customers”.
What merits a mention here is the fact that according to RBI guidelines Bank account holders are not required to visit their respective bank branches to update ‘know your customer’ if they have already submitted valid documents and not changed their addresses and if there is no change in KYC information, they can submit a self-declaration through email-id or registered mobile number. While the Reserve Bank of India has already eased the process for updation of records under the policy Know Your Customer (KYC) the J&K Bank has misused the guidelines to put to great deal of inconvenience it’s customers in the holly month of Ramadan when details and documents for updation of records could have been sought online from the customers.
