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Friday, 24 May 2013

So much for KYC norms!

In good old days opening of savings account was easy as it did not require photograph or even proof of address or PAN. Banking operations were totally manual. Clearing cheques received for debiting the accounts were posted manually in the ledger & passed after tallying signature etc. Special Assistant had the power to pass the cheques up to Rs.20,000/- received in clearing.

So when Smt Nanda received a cheque of Rs 20,000/- favouring British Motor Car Co in clearing, firstly she checked the balance available in the ledger which was substantial.

Secondly she turned to specimen signature binder & tried to tally signature on cheque with those available on record. The two signatures did not tally. Cheque was signed ‘Om Prakash’ & specimen signature on record was ‘O P Gupta’. There was no mention of address or phone number or introduction on the back of specimen signature slip nor was any photo available & therefore she decided to return the cheque. She ticked the box on printed returning memo reading ‘Signature differs’ & the cheque was sent back.

So much for KYC norms!

Next day there was commotion in the branch & Smt Nanda was suddenly in lime light. One peon came running to her ‘Chief saab yaad kar rahe hain’. Another peon came running to her ‘GM saab yaad kar rahe hain’. Still another peon from CMD secretariat came running to her ‘CMD saab yaad kar rahe hain’. Yet another peon came running to her ‘Com Union Secretary yaad kar rahe hain’.

It then transpired that returned cheque was issued by Sh Om Prakash Gupta, the then CMD for purchase of a car.

By noon things got settled amicably.





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