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Wednesday, February 26, 2020

NPR can be used by banks as a KYC document: RBI

According to the Reserve Bank’s KYC Master Direction on KYC, updated on January 9, 2020. OVD means the passport, the driving licence, proof of possession of Aadhaar number, the Voter’s Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government and letter issued by the National Population Register containing details of name and address.

By: ENS Economic Bureau | Mumbai | Published: January 18, 2020 12:41:45 am
Several banks have already included the National Population Register letter as one of the documents required for KYC requirement.

The Reserve Bank of India has included the National Population Register letter as an officially valid document (OVD) for Know Your Customer (KYC) verification for opening bank accounts or applying for credit cards. The Reserve Bank of India has also allowed a video based customer identification process for verification.

According to the Reserve Bank’s KYC Master Direction on KYC, updated on January 9, 2020. OVD means the passport, the driving licence, proof of possession of Aadhaar number, the Voter’s Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government and letter issued by the National Population Register containing details of name and address.

Several banks have already included the National Population Register letter as one of the documents required for KYC requirement. Central Bank of India had asked its account holders to submit a National Population Register document as a proof for the KYC procedure. However, the bank later clarified that other documents can be used for KYC procedure and National Population Register is not compulsory. The bank’s clarification came after an advertisement in Telugu newspaper by the bank seeking National Population Register details for KYC procedure created uncertainty among its customers.

The National Population Register letter has been included as one of OVDs for KYC two years ago after the government notified the Prevention of Money Laundering Act. The National Population Register is a list of “usual residents of the country” who have been residing in a local area for at least the last six months or intends to stay in a particular location for the next six months.

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