SERVICES

Signature Issues

How mismatch is found Let’s assume you have walked into a bank to withdraw cash. When you hand over a cheque to the bank teller, he/she compares the signature with the digital signature stored with the bank. Every bank has a signature capture software. This software records the customers’ signature at the time of account opening. If the software detects any discrepancy then the bank dishonours .

Why such a fuss? Bouncing of a cheque because of a signature mismatch could seem like a minor issue to you, but, it becomes a regulatory issue for banks if they let such cheques go through. Explains a senior banker, “Such customer-centric issues are on the rise because of tightening of norms. Several banks have been slapped penalties on account of flouting Know Your Customer (KYC) norms especi .