Soon, open a bank account with single proof document

Soon, you can open a bank account with just one document which includes your address and identity proof. The Reserve Bank of India is moving towards simplifying the Know Your Customer norms that banks follow while issuing loans and opening accounts.

“We have done some further relaxation with this issue of one set of identity proof and one set of address proof. We’re trying to see if there is one document as both and if it can be accepted. For example, the Aadhar card or passport,” said HR Khan, deputy governor, Reserve Bank of India.

Banks currently ask for different sets of proofs for verifying identity and address
Khan said the new guidelines will be out in a week. He said the RBI has also provided more time to customers to submit new address proofs with banks.

“If somebody changes his address, he can be given time for six months to give another proof. For six months, he can run the same proof,” said Khan, speaking on the sidelines of the Bank Economists Conference 2012 here.