2 Replies to “Why Introduction is must for opening an account in banks?”

  1. After the plane crash in the Twin towers,USA, it was found that the arms and monetary supplies to the terrorists were bound by some banks.
    On inquiring the banks they could not provide proper details of the account holders.
    Then a norm called KYC norm(Know Your Customer) was introduced to make sure that any person who has an account with any bank is not of any illegal type.
    If a person is introducing you to the bank it is taken that you are known to the Introducer for a log time or atleast he knows you very well, and in any case if your account has some faults in the future, he will be liable.
    That is why!!!

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