New KYC by PSU banks
The forms are designed to make it easy for data entry by computer operators. No thought given to customer at all. Ridiculous. And we say, customer is KIng!?
For saving bank accounts you need different form to fill for first holder and another form for second holder. And for second joint account, with same names in reverse order, one has to again fill same details! So total 4 forms, two of which give the same details.
Britishers left India more than 70 years back but babus still follow those silly systems which were relevant then. And if you have a current account, a PPF account, and two joint saving accounts you need to fill so many forms for each account with same details. How stupid the babus can get, there seems to be no limit. And even if your account is in order there is a threat that if KYC is not done, and this happens almost ever year or alternate years, the account will be frozen.
God save country from such stupidity. more
State Bank of India has prescribed Pillars to Posts, well displayed in the branches as also in the website, after which you need to run.
Suggested Remedial measures : for a single complaint, from the dealing assistant to the branch manager - forfeiture of Gross Salary of one month, with effect in superannuation benefits. For multiple complaint and repeated, forfeitures to multiply that no. of times.
If the malady comes from any level above the branch level : same penalty From branch manager level to CEO level.
In the event of Court cases: Full expenditure towards that case, added with other costs, indirect+ fixed, to be recovered from the CEO and CMD, and NOT FROM Bank Money. more
In the IT terminology, there is a test called user experience. Banks need to learn this. more