Reserve Bank of India directive to help migrants open bank accounts

Migrants having no permanent address in their place of employment will find it easier to open bank accounts following a directive by the Reserve Bank of India. The regulator has asked banks to open accounts with a single proof of permanent address and a mere declaration of the local address or address for communication is adequate. 

"The RBI has been receiving representations from various quarters, especially migrant workers and transferred employees regarding problems faced in submitting a proof of current/permanent address while opening a bank account," said the central bank in a circular. 

Bearing this in mind RBI has simplified the requirement of submission of proof of address. "Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation," the circular added. 

"In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the bank may take a declaration of the local address," said RBI. It added that no proof is required to be submitted for such address for correspondence/local address.

Source:-The Economic Times