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RBI eases KYC rules for UCBs to cater to foreign students

To help foreign students in India, RBI said the banks should not insist on the landlord visiting the branch for verification of rent documents

September 11, 2013 10:21 IST | India Infoline News Service
To assist foreign students studying in India to open bank accounts, the Reserve Bank of India has further eased mandatory know-your-customer norms to urban cooperative banks (UCBs) for this purpose.

"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 on Tuesday.

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.

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