Subbarao's KYC norms come back to bite him

No one really likes getting a taste of their own medicine, do they? Former RBI governor D Subbrao will definitely attest to that.

An_Economic Times_ post today brought to light the perils of not thinking ahead. Now retired Subbarao’s stringent Know Your Customer (KYC) rules came back to bite him in the butt - specifically the proof of address requirement. While trying to open a bank account in Hyderabad, the city of his retirement, the ex-governor couldn’t provide any residence proof thanks to a career of moving from one civil posting to the next. Of course, things were cleared up eventually.

The proof of address rule has complicated and unnecessarily drawn out procedures like getting your passport or driving licence.

As_Firstpost_editor R Jagannathan said in an earlier column : “You can prove your address only if you already have a document saying this is your address. And you can’t get that document without already having another document which says this is your address. Smart, really smart.”

Perhaps, in the future, the powers that be in Mint Street will approach their regulations with a dollop of practicality.