ML sectoral trends

Shares of paints companies advanced 9% and shares of software & IT service companies rose 8%. Shares of pharma companies rose 6% and shares of textiles companies rose 5%. Stocks of sugar companies declined 9%, stocks of refineries and oil & gas companies fell 8% and 7%, respectively.

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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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