/ Agencies: Customers carrying out online transactions worth lakhs of rupees from savings accounts are facing banking-related difficulties. In many such cases, banks are blocking accounts, after which customers have to go through a lengthy process to get the account reactivated. Complaints have also surfaced that approval from the head office is taking months.
With the rise in digital transactions, monitoring of bank account activity has also increased. Banks may conduct additional checks when unusually large transactions, or transactions different from the normal activity of a savings account, take place. If the bank is not satisfied about the source and purpose of the transaction, a temporary restriction may be placed on the account.
When an account is blocked, customers face difficulty in withdrawing their own deposits and making online payments. To get the account reactivated, they may have to submit documents and transaction-related information at the bank branch. Customers complain that because the process at the head office level is lengthy, they have to wait for several months.
In such a situation, banking institutions face the challenge of ensuring monitoring while also resolving customer complaints within a fixed timeframe.
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