NEWS & ADVICE : FIXED DEPOSITS
SBT initiates a KYC campaign
By Neelima Shankar
Jun 4, 2012
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The SBI associate bank, State Bank of Travancore will be conducting a know your customer campaign (KYC) for the whole month of June.

The move comes as RBI's directive for all the bank accounts to be "KYC compliant". The bank's spokesperson said this was done to create awareness amongst customers to update their KYC details.

The KYC includes collection of data of customers like ID proof, latest photographs, proof of residence, from those who haven't submitted and updating of existing ones.

Mr. P. Nanda Kumaran, MD, emphasized the importance of the move for national security and prevention of money laundering. The bank's chief vigilance commissioner (CVC) also emphasized on the importance of the KYC.


 


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