Govt eases norms to open Pradhan Mantri Jan Dhan Yojana

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Govt eases norms to open Pradhan Mantri Jan Dhan Yojana
According to Finance Ministry, people who do not have official valid documents can open Jan Dhan bank accounts by just submitting two copies of signed photographs at a bank branch, said the media report.

"RBI has issued guidelines dated August 26, 2014, where people who do not have officially valid documents or Aadhaar numbers can still get bank accounts opened by submitting two copies of signed photographs at the bank branch," an official statement said.

However, these accounts will be called small accounts and shall normally be valid for 12 months and shall be continued subject to showing of proof that he/she has applied for any of the officially valid document within 12 months of opening of such 'Small Account'.

Further, these accounts have certain limitations such as balance at any point of time should not exceed Rs 50,000, total credit in one year should not exceed Rs 1 lakh, and total withdrawal should not exceed Rs 10,000 in a month, it said.

It also said the existing account holder need not open another bank account to avail of benefits under Pradhan Mantri Jan Dhan Yojana (PMJDY).

Story first published: Tuesday, September 23, 2014, 12:20 [IST]
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