The Reserve Bank of India on Monday relaxed know-your-customer (KYC) guidelines for opening bank accounts, a move that will provide relief to migrant workers, student and persons with transferable jobs. The central bank has directed banks to accept only one address proof which either may be current or permanent.
If a customer is residing away from his permanent residence, he can provide a simple declaration with details of his new address. The new address may be verified via 'positive confirmation' such as acknowledgment of receipt of ATM cards, cheque books, letters, telephonic conversations and visits.
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