Banks have been advised to provide small overdrafts in such accounts. Relaxation on know-your-customer (KYC) norms: KYC requirements for opening bank accounts were relaxed for small accounts in August 2005, thereby simplifying procedures by stipulating that introduction by an account holder who has been subjected to the full KYC drill would suffice for opening such accounts.
The improved financial and economic architecture of EMU Since the onset of the crisis, many of the shortcomings in the financial and economic architecture of Economic and Monetary Union have indeed been overcome.