Aadhaar-Based KYC: Government Allows Self-Declaration of Current Address
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…
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RBI Guidelines on Banking for Elderly and Incapacitated Persons
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…
Read article Banking Services for Illiterate, Blind, and Disabled Persons: RBI Guidelines and Best Practices
(This article elucidates what is inclusive banking, RBI guidelines, accounts of disabled persons, visually impaired banking, and financial inclusion in India) Introduction Inclusive banking is not just a policy goal—it is a social responsibility. The Reserve Bank of India (RBI) has issued comprehensive guidelines to ensure that illiterate, visually impaired, and other persons with disabilities…
Read articleRBI Guidelines on Accounts for Persons with Disabilities: Ensuring Inclusive Banking Access
The Reserve Bank of India (RBI) has taken progressive steps to ensure that persons with disabilities (PwDs) enjoy equitable access to banking services. Recognizing that accessibility is a key pillar of financial inclusion, the RBI’s guidelines mandate that banks provide both physical and digital support systems — including doorstep services, accessible ATMs, and assistance in…
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RBI Guidelines on Banking Facilities for Visually Impaired Customers
1. Introduction Ensuring equitable access to banking services for all individuals is a fundamental aspect of financial inclusion. Recognizing the challenges faced by visually impaired customers, the Reserve Bank of India (RBI) has issued detailed guidelines mandating that all banks provide comprehensive and non-discriminatory banking facilities to such individuals. These guidelines aim to remove physical,…
Services Offered in Savings Bank Accounts
Savings bank accounts offer a secure and reliable method for safeguarding funds, thereby providing account holders with peace of mind. Deposited amounts are protected against theft and loss, ensuring a high degree of financial security. Services Offered in Savings Bank Accounts: 1. Convenient Access to Funds:Savings account holders benefit from convenient access to their funds,…
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