KYC and legislature and judiciary, why they mentioned in Parliament, understand in easy language

The budget session of Parliament is going on. Action is being seen in the Lok Sabha and Rajya Sabha continuously. However, there are also uproar. Amidst all this, there were many issues at the center of discussion in both the houses today. In this episode, today we are going to tell you in easy words on two such issues which have been discussed in Parliament. This is KYC and legislature and judiciary.

 

Saket Gokhale of Trinamool Congress, while participating in the discussion on the Banking Methods (Amendment) Bill, 2024, said that nowadays the account holders are being harassed repeatedly in public banks in the name of KYC (know their customer) and if they do not give this, their bank accounts are ‘freezed’. At the same time, Rajya Sabha Chairman Jagdeep Dhankhar said on Wednesday that the executive, legislature and judiciary are not against each other and they will have to work closely with control and balance.

KYC means “Know Your Customer”. This is a process by which banks get information about customers’ identity and address. This process helps to ensure that the services of banks are not misused. While opening the account, banks have to complete the KYC process and also have to update it from time to time. There is no doubt that all the citizens of the country are connecting with banking service.

However, there is no doubt that many citizens also have problems due to KYC. People coming from rural life and ordinary families have the most trouble. The reason for this is that educated and people living in cities use technology updated KYC. But it is constantly difficult for rural and ordinary families to do so. In such a situation, the government also needs to enact laws keeping in mind such people.

Executive, legislature and judiciary are very important for the democratic basis of any country. The main task of the legislature is to enact the law. The executive is the organ that implements the laws made by the legislature and implement the state’s will. The judiciary is the branch of the government that explains the law, settle disputes and provides justice to all citizens. The legislature can include Parliament and Legislative Assembly. The government and administration come to the executive. At the same time, court-court comes in the judiciary.

 

It is very important to make any country great. These three have an important role in developing the country. However, the conflict is also discussed from time to time. In such a situation, no conflict between these three can not be seen, it can be expected.