India, May 14 -- A Delhi-based founder has questioned the Reserve Bank of India's KYC rules after the bank accounts of his bedridden and critically ill uncle were frozen. Saurabh Jain took to social media to express his frustration with the Know Your Customer (KYC) norms, which require customers to periodically update their details.

Jain explained that his uncle, who is currently on a ventilator, was unable to visit the bank in person to complete the re-KYC process. As a result, the public sector bank froze all his accounts. "He had all his life's savings within PSU bank in FDs," the entrepreneur revealed.

Jain, the founder of edtech platform Fun2Do Labs, said his uncle's children requested the bank to take a humane view of the situatio...