Reserve Bank of India found that the Banks of India wants more ID, Photo ID and Residence Proof to open new Bank Account but as per RBI instructions and direction one document is enough for address proof as well as Id proof. While opening of New-Account if bank mismatch the Account holder ID, Photo ID proof, then Bank may want to another ID prooft from New-Account holder like as passport, voter ID card, Aadhar card, driving license etc.
Reserve bank of India single documentation procedure will ease the customers who are willing to open a new bank account. RBI says the single document can fulfill the KYC norms if the address is same as present and required for opening an account. So far, banks have been calling for separate documents for verification of identity and address even though the documents for identity proof (Passport, PAN Card, Drivers’ License etc.) also carry the address of the individual concerned. This was to comply with their obligation under the Prevention of Money Laundering (PML) Act, 2002. The RBI has also done away with the requirement of introduction from an existing customer of the bank for opening of bank accounts.
Reserve bank of India single documentation procedure will ease the customers who are willing to open a new bank account. RBI says the single document can fulfill the KYC norms if the address is same as present and required for opening an account. So far, banks have been calling for separate documents for verification of identity and address even though the documents for identity proof (Passport, PAN Card, Drivers’ License etc.) also carry the address of the individual concerned. This was to comply with their obligation under the Prevention of Money Laundering (PML) Act, 2002. The RBI has also done away with the requirement of introduction from an existing customer of the bank for opening of bank accounts.
