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Know Your Customer (KYC) Norms: Clarification on proof of address

RBI/2014-15/273
UBD. BPD (PCB). Cir.No. 22/14.01.062/2014-15

October 22, 2014

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

Madam/Dear Sir,

Know Your Customer (KYC) Norms Clarification on proof of address

Please refer to our circular UBD.BPD.(PCB).Cir.No.69/14.01.062/2013-14 dated June 10, 2014 on the captioned subject. In this connection we also draw your attention to our circular UBD. BPD (PCB). Cir.No. 16/14.01.062/2014-15 dated September 16, 2014, forwarding copies of a press release dated August 26, 2014, together with a poster and a booklet on KYC simplification measures initiated by us.

2. In this regard, it has been brought to our notice that despite issuing clear instructions regarding the requirement of one proof of address whether permanent or current, some banks are still insisting on submission of a proof of address for the current address even when a customer produces a proof of permanent address, which prevents many prospective customers, especially migrant workers, from opening bank accounts.

3. In view of the above, banks are advised to ensure that customers are not unnecessarily asked to submit additional proofs of addresses for current addresses in cases where proofs of addresses for permanent addresses are already available. UCBs are requested to confirm to our Regional Offices latest by October 31, 2014, that the above mentioned instruction has been communicated to all their branches and the same have been meticulously complied with.

Yours faithfully

(Suma Varma)
Chief General Manager

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