RBI: Utility bills valid proof of address to open account

Bank account or post office savings bank account statement; pension or family pension payment orders (PPOs) issued to retired employees by government departments or PSUs, if they contain the address too will be OVDs. Letter of allotment of accommodation from employer issued by government, regulatory bodies, PSUs, banks, financial institutions and listed companies have also been added to the list of OVDs.

Similarly, documents issued by government departments of foreign jurisdictions and letter issued by foreign embassy or Mission in India too are OVDs.

These will be OVDs for address proof in case of banks, all payment system providers, prepaid payment instrument issuers and money transfer agents. Last year, RBI had said that only passport, driving licence, PAN Card, Voter’s I- Card, MNREGA card, Aadhaar number were to be considered OVDs for proof of identity and address.

NRIs can invest now in chit funds

Mumbai: The Reserve Bank of India has allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any ceiling.

However, the subscription to the chit funds should be brought in through normal banking channel, including through an account maintained with a bank in India. Earlier in May 2000, non-residents were barred from investing in a company or firms engaged in the business of chit fund. ENS