xi)  KYC/AML compliance  Let me now turn to another very important issue which is equally challenging for the private sector banks as well and that is, compliance with the KYC/ AML norms. A majority of the enforcement action by the banking sector regulator in the recent past has been on account of these violations.
The instances of fake e-mails soliciting unsuspecting customers to make payments to certain bank accounts as a precursor to receiving prize or lottery winnings from abroad, have become quite rampant. It is surprising that even well-educated individuals are falling prey to such incredulous offers.