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Banks can accept documents such as passport, PAN card, driver’s licence, Aadhaar letter, and NREGA job card as proof of identity as well as proof of address, according to the Reserve Bank of India.
However, this is subject to the address on the document submitted for identity proof by a prospective customer is the same as that declared by him/her in the account opening form.
The requirement of submitting just a single document for proof of identity and address is aimed at easing the burden on the prospective customers in complying with know-your-customer (KYC) requirements for opening new accounts, the RBI said in a notification.
So far, banks have been calling for separate documents for verification of identity and address even though the documents for identity proof (passport, PAN card, driver’s licence, etc.) also carry the address of the individual concerned. This was to comply with their obligation under the Prevention of Money Laundering (PML) Act, 2002.
The RBI has also done away with the requirement of introduction from an existing customer of the bank for opening of bank accounts.
The central bank said introduction is not necessary for opening of accounts under the PML Act and Rules or Reserve Bank’s extant KYC instructions.
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