Bank account norms likely to be reviewed
03/10/2019, MANOJIT SAHA,MUMBAI
Following the hardships faced by customers in opening bank accounts, the government will review the norms for the same.
Top bankers highlighted the problem at a meeting with Finance Ministry officials last week. They said the officials were open to reviewing the issue after they were briefed about the problems.
The rules mandate proof of current address to open an account. Customers have to submit any of the six officially valid documents in proof of their address. The six documents are voter ID, passport, driving licence, letter issued by the National Population Register, NREGA job cards and Aadhaar.
Bankers said this caused major problems. They pointed to many instances of a person unable to open an account after shifting from a city or locality because he/she could not change his/her address in the documents. “We have highlighted the issue to the officials. They said they will look into it,” a banker said.
Banks want utility bills, not older than three months, considered proof. For this, the government may have to amend the Prevention of Money Laundering Act.
03/10/2019, MANOJIT SAHA,MUMBAI
Following the hardships faced by customers in opening bank accounts, the government will review the norms for the same.
Top bankers highlighted the problem at a meeting with Finance Ministry officials last week. They said the officials were open to reviewing the issue after they were briefed about the problems.
The rules mandate proof of current address to open an account. Customers have to submit any of the six officially valid documents in proof of their address. The six documents are voter ID, passport, driving licence, letter issued by the National Population Register, NREGA job cards and Aadhaar.
Bankers said this caused major problems. They pointed to many instances of a person unable to open an account after shifting from a city or locality because he/she could not change his/her address in the documents. “We have highlighted the issue to the officials. They said they will look into it,” a banker said.
Banks want utility bills, not older than three months, considered proof. For this, the government may have to amend the Prevention of Money Laundering Act.
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