Ref.DBOD.No.AML.BC. 23 /14.01.064 /2005-06
August 2, 2005
The Chief Executives of Scheduled Commercial Banks
including Regional Rural Banks
Facilitating opening of bank accounts for flood affected persons
Please refer to our circular DBOD.No.AML.BC.58/14.01.001/2004-05
dated November 29, 2004 on Know Your Customer Guidelines – Anti-Money Laundering
standards. In terms of the above circular, banks were advised to formulate a
customer acceptance policy and customer identification procedure to be followed
while opening an account.
2. As you are aware, a large number of persons have been affected
by unprecedented floods in Maharashtra. The State Government is arranging to
issue cheques ranging from Rs.50,000/- to Rs.2.00 lakh to affected persons who
may or may not be having bank accounts and would need to quickly open bank accounts.
In view of the calamity and the need to provide immediate succour, banks are
advised to observe minimum formalities for enabling such persons to open a bank
account quickly. The accounts may be opened with –
a. introduction from another account holder or
b. documents of identity such as Voter's Identity Card or a driving license,
identity card issued by an office, company, school, college, etc. along with
a document indicating the address such as Electricity Bill, Ration Card etc.
c. introduction by two neighbours who have the documents as indicated in para
2 (b ) above or
d. in the absence of the above any other evidence to the satisfaction
of the bank.
( Prashant Saran )
Chief General Manager