Relaxed regulatory dispensation on KYC norms: Know Your Customer (KYC) requirements for opening bank accounts have been relaxed and simplified, especially for small accounts with balances not exceeding Rs. 50,000/– and aggregate credits in the accounts not exceeding Rs. one lakh a year.
In modification to the earlier guidelines on KYC norms, RBI has now advised banks not to insist on introduction for opening bank accounts of customers. In addition to this RBI has now allowed banks to use Aadhaar Card as a proof of both identity and address and the MNREGA Job Card as an officially valid document for opening of bank accounts. ii.