Bank KYC to Start Ask For Religion

Posted By on December 23, 2019

Banks may soon start questioning customers who wish to open bank accounts. Customers will be asked if they belong to Muslim, Hindus, Christian or any other religion. Then they can open a bank account. What’s the need for such questions? In the bank, there are two types of accounts. Savings & Current accounts. Similarly there is an NRO account. NRO account can be opened by Indian Citizen living in USA, UK, Japan or any other country. In India, they may have their house, shares or receive pension but they live in abroad. They can open their NRO account and can manage the income they receive in India. The FEMA Act is a law that regulates Foreign transactions in the country. Recently the FEMA Act was amended. The FEMA Act now permits immigrants from Afghanistan, Pakistan and Bangladesh belonging to religions such as Hindu, Jain, Sikh, Parsi, etc can open NRO accounts in India. They are also permitted to own property. Except Muslims. Also immigrants from Myanmar, Sri Lanka and Tibet can not open their NRO accounts. The Finance Ministry said that, amendments to the FEMA Act were made by the RBI last year. Since Indians were more focussed on the deteriorating economy, closure of businesses, unemployment, etc. No one noticed the amendments made by the RBI. People were shocked by this. Banks will start asking people their religion in the ‘Know-Your-Customer’ (KYC) forms. People are saying that Banks are asking people’s religion for the first time. This is very similar to the CAA that grants citizenship on the basis of religion.

Posted by Lewis Heart

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