A large section of customers is still facing difficulty in opening bank accounts, particularly those who have changed cities or location for jobs or other reasons, at a time when banks are being merged to achieve scale.
Rules mandate that customers have to submit any of the six officially valid documents (OVD) as proof of their present address. The six OVDs are voter ID, passport, driving licence, letter issued by the National Population Register, NREGA job cards and Aadhaar.
If none of the OVDs carries the present address, the address in the document has to be changed in 3 months and submitted to the branch.
Banks have requested the regulator to allow them to accept utility bills not older than three months for opening accounts. For this to happen, the Prevention of Money Laundering Act (PMLA) needs to be amended.
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