rbi speech, 2006-01-16
Further, in order to ensure that persons belonging to low income group both in urban and rural areas do not face difficulty in opening the bank accounts due to the procedural hassles, the KYC procedure for opening accounts has been simplified for those persons with balances not exceeding rupees fifty thousand (Rs. 50,000) and credits in the accounts not exceeding rupees one lakh (Rs.1,00,000) in a year.
Sentiment: neutral
Topic: mp_economic_activity