The Hindu Business Line : Bank account opening norms simplified in flood-hit areas

THE Reserve Bank of India has instructed banks to observe minimum formalities for opening accounts for flood-affected persons, in a press release issued on Thursday.

The bank may open the account if another account-holder introduces the person, or if the person produces documents such as voters' identity cards, driving licence, identity cards issued by a company, school, or college, along with a document indicating address like electricity bill or ration card, or if two neighbours of the affected person produce these documents or any other evidence to the bank's satisfaction.

The RBI has issued this instruction because the Maharashtra State Government is arranging to issue cheques ranging from Rs 50,000 to Rs 2 lakh to affected persons, who may or may not have bank accounts and, therefore, would need to open accounts quickly, the release added.

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