Monday, 13 January 2020

Account Opening Processes

In ancient times economic transactions used to made through barter systems where goods were exchanged in terms of their economic value based on demand and supply. As the volume of economic transactions increased the Cowries used as money in Asian and other parts of the world were replaced by currency systems. Without going very deep into the history of banking or global currencies being used as legal tender, we are directly jumping onto the manual Banking Era when all banking transactions had to be done manually and through Cheques, Drafts, Bills of Exchange, Promissory Notes, which were governed by Negotiable Instruments Acts, Contracts Acts and other Acts as per law of the land.

Nowadays with the introduction of KYC Norms every individual has to undergo Account Opening Process