Bank Account Tips: If many bank accounts are linked to the same phone number then be careful, RBI can make a big change..

If you also have more than one bank account? If all the bank accounts are linked to the same number, then this news is useful for you. Whenever you go to open an account in the bank, you are asked to fill out a KYC form. Which contains all the information related to account verification and customers. In such a situation, if you have more than one account and have linked them to the same mobile number, then you need to be careful. RBI can bring changes to this system in collaboration with banks.

RBI can make big changes
To keep the security of accounts in banks tight, RBI can tighten the KYC rules in collaboration with banks. According to media reports, banks can apply an extra layer for verification of their customers.

Who will the rule apply to?
According to media reports, this rule of banks will affect joint accounts with the same number, and multiple account holders more. For this, they will have to enter another number in the KYC form. Customers will also have to enter an alternate number in the case of the joint account. A committee headed by Finance Secretary TV Somanathan is working to standardize and ensure interoperable KYC norms across the financial sector. The move is aimed at addressing concerns about lax KYC norms by fintech companies, which could increase risks for lenders.

Will help in this work
A senior bank official aware of the matter told the Economic Times, "We are also considering multi-level secondary identification methods like PAN, Aadhaar, and unique mobile number for joint accounts. Secondary identifications will allow multiple accounts of an individual to be traced if they are not linked and opened with different KYC documents.

This will also help in expanding the account aggregator or AA network to joint accounts." Currently, only single-operated personal accounts are included for sharing financial information under the AA framework. The Account Aggregator receives or collects information relating to the Client's financial assets from the holders of such information and aggregates, consolidates, and presents it to specified users.

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