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BANKING: RBI Simplifies KYC Norms for Opening Bank Accounts

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.

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Urban Inflation

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%.

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