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THE Reserve Bank of India (RBI) has urged the government to tweak the Money Laundering Act (MLA), making it easier for people without access to organised credit to open no-frills, or plain savings bank accounts. The regulator has recommended that an affidavit and a photo should suffice for the opening of such accounts.
The MLA subsumes the know your customer (KYC) norms that banks have to follow while opening accounts for customers. The KYC norms require a customer to give proof of identify or an introduction from an account holder of the branch to open a no-frills account. RBI is of the opinion that new customers may not always find it easy to provide proof of address and letters of introduction. However, for the implementation of RBI's suggestion of an affidavit and a photo being sufficient to meet KYC norms, the MLA will have to be amended.
The MLA subsumes the know your customer (KYC) norms that banks have to follow while opening accounts for customers. The KYC norms require a customer to give proof of identify or an introduction from an account holder of the branch to open a no-frills account. RBI is of the opinion that new customers may not always find it easy to provide proof of address and letters of introduction. However, for the implementation of RBI's suggestion of an affidavit and a photo being sufficient to meet KYC norms, the MLA will have to be amended.
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