Confusion Over ‘NPR for KYC’ Triggers ‘Huge Cash Withdrawal’ in TN

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Caravan News

THOOTHUKUDI (Tamil Nadu) — After a notification issued by Central Bank of India, Kayalpattinam mentioned ‘NPR letter’ as a document for Know Your Customer (KYC), panic gripped customers and they started withdrawing their savings from the bank.

The documents mentioned in the notification was PAN card, passport, voter identity card, driving license, National Rural Employment Guarantee Act card, Aadhaar and NPR letter. It was also mentioned that the accounts of the persons who failed to submit documents would be frozen.

However, the notification did not mention whether the customers have to submit all the documents or any one of them.

Later, the bank had issued a clarification that NPR letter is not mandatory rather it is an additional document. Despite issuing a clarification, confusion prevailed which resulted in ‘cash withdrawal spree’.

Confession over the notification resulted in the huge withdrawal of cash at Central Bank of India, Kayalpattinam. The bank witnessed the withdrawal of Rs. 1 crore on Saturday, Rs. 1.85 crore on Monday and Rs. 1.5 crore on Tuesday.

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