Non-completion of KYC details deprives poor people of their money in Jharkhand

Bhola Oraon, a resident of Jharkhand, is facing issues accessing his bank account due to misspelt names in his documents. Socio-economic activist Jean Drèze and his team found many people in Latehar and Lohardaga unable to withdraw money because of frozen accounts. This includes pensioners, children with scholarships, and women entitled to government support. The KYC process required by banks is difficult for poor people, leading to frozen accounts. Overcrowding in rural banks is making it harder for people to resolve these issues. The situation reflects the pressure on banks from the Reserve Bank of India for periodic KYC updates.