With a view to facilitating the opening of bank accounts by the common man through a simplified KYC procedure, in the Mid-Term Review of the Annual Policy of the RBI for the year 2006-07, it was announced that the "banks could open accounts of low balance / turnover (where the balance does not exceed Rs.
50,000/- in all the accounts taken together and the total credit in all the accounts taken together is not expected to exceed rupees two lakh in a year) only with self certification of address by the customers and his photograph."