Banks get more time to introduce customer-friendly account opening form
Most banks missed the deadline owing to a 66-day shutdown put in place from March 26 to prevent the spread of Covid-19
The Bangladesh Bank has extended the deadline for banks to introduce a more customer-friendly account opening form and know your customer (KYC) profile till September this year.
On Thursday, the Banking Regulation and Policy Department of the central bank issued a circular in this regard.
Previously, the deadline to introduce the form and the KYC profile was June 30.
Most banks missed the deadline owing to a 66-day shutdown put in place from March 26 to prevent the spread of Covid-19.
Aiming at easing the account opening process, and thus enhancing the financial inclusion, the central bank on February 23 this year instructed banks to introduce the form and the KYC profile.
As the country is going through a massive digitisation and information technology development, so it is the time to shorten paper-based documentation, read the circular.
At that time, the Bangladesh Bank had provided a specimen form for various types of accounts for individuals, private institutions, and government and semi-government institutions.
