A large number of new accounts have been added under RBI’s Financial Inclusion focus and under the PMJDY push. Periodic updation of the KYC records in these accounts and continuous monitoring is vital.
Just to give one example- a news item had appeared the other day mentioning that Rs.1 crore was parked and withdrawn in a labourer’s bank account which he was unaware of till he received an IT demand of a tax of 40 lakh rupees. Many similar instances are being reported.