How to open bank account under e-KYC process
The customers, both deposit and borrowal accounts can open the bank account using OTP based e-KYC. The Reserve Bank made the amendments to ‘Principal Directions on KYC ‘(Know Your Customer (KYC)) Directions, 2016 (Master Direction No.DBR.AML.No.81/ 14.01.001/2015-16 dated February 25, 2016) with effect from December 8, 2016. In terms of the e-KYC amendments now made…
Read articleRestrictions on withdrawal of cash from PMJDY accounts
As a matter of precaution, banks are advised by RBI today (November 30, 2016) to observe the following measures in respect of PMJDY accounts. (i) The account holders who have fully complied KYC norms may be allowed to withdraw Rs.10000/-from their accounts in a month. However, based on the genuineness of withdrawals the branch manager may…
Read articleTemporary Cash holding limits at currency chest
In view of massive quantity of Specified Bank Notes (SBNs) accumulated in currency chests, RBI has revisited to its old instruction (circular. DCM (CC) No. 2598/03.02.05/2009-10 dated October 27, 2009) and advised banks that SBNs deposited in the currency chests, since November 10, 2016 will be considered as part of the chest balance in the…
Read articleRelaxation in withdrawal of cash from bank deposit accounts
RBI vide its notification dated November 28,2016, announced that the general public is allowed withdrawal of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits. The amount of cash will be made available preferably in higher denominations (₹ 2000 and ₹ 500/-) for such withdrawals. RBI communiqué says that…
Read articleAll scribbled currency notes are not illegal- RBI
Time and again rumours appear in social media that banks will not accept currency notes with scribbling on them. RBI has been giving denial statements of having issued such notifications. In fact dismissing the above types of romours, RBI Governor on December 15, 2015 had issued a statement in an audio message assuring members of…
No exchange of defunct Rs.500/- and Rs.1000/- from tomorrow
Breaking News No exchange of defunct Rs.500/- and Rs.1000/- from tomorrow. The government announced that exchange of old 500 and 1,000 rupee notes in banks and post offices will be stopped starting midnight. The public can go to banks to deposit their old bills in their bank accounts and withdraw under the current limits. Government…
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