[This blog offers information on how banks open accounts of illiterate persons, blind and partially blind persons other disabled persons] Blind, illiterate, and other disabled persons can open and make certain bank account operations using thumb impressions. Bankers customarily extend helping hand to the disabled persons like sick/old/incapacitate who cannot be physically present to the…
RBI has been imposing heavy penalties on banks that have not complied or the account opened in contravention of various directions and instructions issued by it, which includes failure to obtain adequate documents for opening accounts, failure to carry out identification procedures, and failure to examine the control structure of entities. However, to help the…
The Government of India has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 to make the Know Your Customer (KYC) process more flexible and citizen-friendly. The amendment, notified on November 13, 2019, permits individuals to use their Aadhaar number for identification while declaring a current address different from the one recorded in…
Ensuring access to financial services for every citizen is a key goal of the Reserve Bank of India’s financial inclusion policy. Recognizing that elderly, sick, and incapacitated individuals often face difficulties in visiting branches or signing documents, the RBI has issued clear instructions to banks to make their services more inclusive and customer-friendly. These measures…
The Blind, illiterate, and other disabled persons can open and make certain bank account operations using thumb impressions. Bankers customarily extend helping hand to the disabled persons like sick/old/incapacitate who cannot be physically present to the bank, by offering special service to them. Many people have a confusion over why do officials ask for the…