Customers need to submit only one documentary proof of address—either current or permanent—while opening a bank account or for periodic updating, the Reserve Bank of India (RBI) said.
“In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within six months,” RBI said in a notification to banks.
RBI said it had been receiving representations/ references from various quarters, especially migrant workers and transferred employees, regarding problems faced in submitting a proof of current/ permanent address while opening a bank account. “In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the bank may take a declaration of the local address on which all correspondence will be made by the bank with the customer. No proof is required to be submitted for such address for correspondence/ local address,” RBI added.
However, this address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of letter, chequebooks, ATM cards, telephonic conversation and visits.
Combined inflation for urban and rural areas declined to 8.28% in May 2014, from 8.59% in April 2014. Inflation in urban areas declined marginally to 7.55% in May from 7.69% in April. Food inflation in urban areas declined marginally to 7.94% in May from 8.29% in April. There was a significant decline in inflation for vegetables in urban areas—to 5.35% in May from 11.42% in April. Inflation related to fuel & power declined to 3.89% in May from 4.53% in April. Inflation for housing was lower at 9.18%. Inflation for clothing fell to 7.58% and miscellaneous items increased marginally to 6.62%.