Why Introduction is must for opening an account in banks?

Al most all banks ask an introducer to open a account in their bank. The introducer may be of any type. Actually the banker may not be knowing the introducer in person. But his signature is honoured. Why, what is the logic/ reason behind it. Can any one clear me?
Is it applied to all like ministers, governors , secretary’s, etc ?

3 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!!!

  2. I’m a permanent resident in H.S.R. Layout, 2nd Sector, Bangalore for the past 10 years. I have to run around asking people known to me if they’ve S.B. Acct for the INTRODUCER’S SIGNATURE in whatever Bank I want to open an S.B. Acct which is the biggest issue.
    I’ve PAN CARD, DRIVING LICENCE, L.I.C. POLICY acknowledgement with Photo for the Aadhar Card ( Aadhar Card will come by post in 2-3 months time I am told), still Do I need INTRODUCER’S SIGNATURE ? ? ? ?

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