Daijiworld Media Network – Mangalore (SP)

Mangalore, Dec 15: Mangalore Management Association (MMA) had recently organized a talk on ‘Know Your Customer (KYC)’ policy of the banks, at the AC Hall of the SDM College of Business Management in the city, in association with the said college and the Hampankatta branch of Syndicate Bank here.

Deputy general manager of Syndicate Bank’s local regional office, Sujir Prabhakar, in his address, gave an outline of the above policy. He also spoke on the role of the banks and other financial institutions in affectively blocking terrorism and other destructive activities  getting funded through the banking channels, by having a close watch on the financial transactions, keeping themselves updated of the information about their customers, and also scrupulously sticking to the anti-money laundering policies. He stressed that both the financial institutions and the customers have a very important role to play in following the guidelines of the government of India and Reserve Bank of India in this connection.

‘Know Your Customer(KYC)’ is a policy as per which the non-resident customers of the banks need to furnish their full details in specified forms, along with a copy of their passport etc., to the banks where they have their accounts, at least once in two years. The resident customers are required to furnish their details at least once in five years and also whenever there is a change in their information, to enable the banks to keep track of its customers, provide need-based services to them, besides discharging their obligations to ensure that the banking channels are not used for undesirable activities.

Mangalore Management Association vice-president, T G Shenoy, presided. Association’s secretary, U Rama Rao and Syndicate Bank assistant general manager, K Mohan Kini, were present. MMA president, M Shekhara Pujari, welcomed. Prof J H G Anchan proposed vote of thanks. H Madhusudan Bhandarkar presented the programme.