RBI relaxes KYC norms for opening bank accounts
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The Reserve Bank of India, RBI, relaxed Know Your Customer, KYC norms by allowing self-certification of documents for opening bank accounts.
RBI has asked banks to allow self-certified copy of the document by mail, or post for opening an account. Banks have also been asked not to seek fresh documents, if a KYC compliant customer desires to open another account in the bank.
The RBI added that if the customers are unable to comply within a reasonable period of time, partial freezing may be introduced for KYC non-compliant customers.
This means that only credits would be allowed in such accounts, but debits would not be allowed. The account holder would have the option to close the account and take back the money in the account.
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