Question

While opening a savings bank account, why is it necessary to arrange introduction of the applicant by a person known to the bank?

Answer 1

Answer:

Explanation:

It is mandatory to arrange for an introducer for opening a savings account in government banks.

Government banks insist on having an introducer before opening a account. This is a common phenomena practiced by many banks.

But now things have changed as these days the banks instead of introducer opt for Adhar card or Pan card or valid Passport and passport size photos.

The Banks previously opted for introducer to prevent itself against fraud,manipulation and other misuses of the banking system.

Hope this helps.