RBI eases KYC norms for UCBs to help foreign students

Posted By: Religare
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Reserve Bank of India has extended relaxation in mandatory know-your-customer norms for urban cooperative banks (UCBs) to help foreign students studying in the country to open bank accounts, reported PTI.

"UCBs may open a non-resident ordinary ( NRO) bank account of a foreign student on the basis of his/her passport (with appropriate visa and immigration) which contains proof of identity and address in the home country along with a photograph and a letter offering admission from the educational institution," RBI said in a notification.

It further said within 30 days of opening the said account, the student concerned should submit a valid local address proof, which could be a rent agreement or a letter from his/her educational institution.

To help students further, it said the UCBs should not insist on the landlord visiting the branch for verification of rent documents and that alternative means of verification of local address may be adopted.

The circular said the measures are aimed at helping the foreign students in complying with the KYC norms, while opening a bank account due to non-availability of any proof of local address.

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