However considering the hassles and difficulty confronted by ordinary and genuine folks in complying with the KYC procedure, it is likely that norms in relation to Know Your Customer get simpler. In a recent report on Comprehensive Financial Services for Small Business and Low Income Household by the Reserve Bank of India, the apex financial institution of the country, the committee recommended the requirement of a genuine Proof of Identity (POI) from each of the customer. However, in respect of the address proof, the requirement of one national address proof with a waiver on producing proof of current address for opening a bank account was recommended.
The recommended move if implemented will benefit individuals with documentary proof of their permanent address. So, even in case of change of address, the individual will not require to comply with the KYC norms for banking purposes again and again.