Naturally, the front end devices must be able to transact all these four products and services. RBI has undertaken a series of policy measures to make our unique model a success. Some of the important ones are: i.
Relaxation on KYC norms: Know Your Customer (KYC) requirements for opening bank accounts were earlier relaxed for small accounts in August 2005, simplifying procedure by stipulating that introduction by an account holder who has been subjected to full KYC drill would suffice for opening such accounts or the bank can take any evidence as to the identity and address of the customer to the satisfaction of the bank.