Banking services have become a nightmare for the common man. At the drop of a hat accounts are frozen, mainly because of KYC non compliance. Moreover it's made compulsory to redo KYC every two years. In a matter of two years how will a person change houses thereby getting newer addresses warranting a re-KYC to be done.The hard earned money of a person who has departed should go into the hands of his/her legal heirs, and not to the government, who tries to mop up such funds. Some citizens staying abroad pass away without any heirs back home, but have substantial funds, which no one can claim, in such cases the government becomes the beneficiary. Some banks insist on producing the Aadhar card which is not mandated by the Supreme Court. The bank staff who go by these draconian rules should also make it easy to defreeze blocked accounts and not put citizens to untold misery of getting back their frozen funds readily. In such cases time is of the essence, and many folks leave the country without complying with all of the mandated rules of the banks, which necessitates timely streamlining of policies.
