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Banks made identification papers mandatory for customers to prevent money laundering and other economic offences. The Reserve Bank of India has issued fresh guidelines to ensure that ordinary customers are not put through unnecessary hassles in the name of such screening.
One-time identification
Once the bank is convinced that a customer is clean, it should not ask for more papers. Banks are required to periodically renew the identification papers. Customers can self-certify that there is no change in the information they had submitted. No more proof is required if address and other personal details are unchanged. In case of any change, customer can mail or e-mail self-attested copies of relevant records.
An existing account holder who has already given all the identification papers should not be asked for more records. Such customers don’t have to submit these papers again if they wish to open an account in another branch of the same bank.
Change in address
Banks will no longer ask for proof every time your temporary address changes, if you have given proof of your permanent address. Banks ask for address proof along with photo identity cards.
No more lockouts
The new guidelines prohibit the locking of transactions on accounts which have not yet submitted identification papers. Such account holders will be given time to submit the necessary records. They will be put on notice for the first three months. For the next three months they will not be able to withdraw money. Before that the customers should be issued a notice, giving them a chance to close the account. If the records are not submitted within six months, the accounts will be blocked from receiving and withdrawing money. Banks are authorised to cancel such accounts.
Help for migrants
These guidelines help the mobile workforce. Those who are frequently transferred across the country can also continue to access their bank accounts without interruptions. The RBI also wants the banks to circulate its simplified guidelines to all branches. This is to avoid situations when bank clerks continue to insist on unnecessary records saying they are yet to get any directions on the amended guidelines.
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