Bank Account Norms likely to be Reviewed

Following the hardships faced by customers in opening bank accounts, the Govt. will review the norms for the same.

The problems were highlighted by the Top Bankers last week, at a meeting with Finance Ministry officials. 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. Any of the six officially valid documents have to be submitted by the customers in proof of their address. Voter ID, passport, driving licence, letter issued by the National Population Register, NREGA job cards & Aadhaar, are the 6 documents.

According to Bankers, this caused big problems. Many instances were pointed by them of a person unable to open an account after shifting from a city or locality because he could not change his/her address in the documents.

A Banker said that “We have highlighted the issue to the officials. They said they will look into it".

Banks want utility bills, not older than three months as considered proof. For this, the Govt. may have to amend the Prevention of Money Laundering Act.

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