Banks are freezing accounts for those receiving government funds i.e., Direct Benefit Transfer (DBT) funds such as subsidies, pensions, etc. due to lack of KYC.
Delay in KYC Updates
RBI found delays by banks in updating KYC, causing account freezes.
RBI's Advice
RBI Deputy Governor urged banks
RBI Warns Banks: Stop Freezing Accounts Over KYC Issues
Last updated: 22 November 2024
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