As the UPA gears up to launch direct cash transfers from January 1, 2013, the Reserve Bank of India has expanded the know-your-customer (KYC) norms for opening an account.
Accordingly, it has advised banks to use Aadhaar cards as well as job cards issued under Mahatma Gandhi National Employment Rural Employment Guarantee Scheme as a valid address proof for opening of accounts.
“If the address provided by the account holder is the same as that on Aadhaar letter, it may be accepted as a proof of both identity and address,” the RBI has advised banks in a recent notification, adding that banks “may now accept NREGA Job Card as an ‘officially valid document’ for opening of bank accounts without the limitations applicable to ‘Small Accounts’.”
The RBI has also scrapped the requirement of introduction from an existing account holder in a bank for opening new accounts.
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